UK Coal PLC was founded by Richard John Budge in 1992 when Budge bought A.F. Budge from his brother Tony Budge for £103 Million. Then known as RJB Mining, the company changed name to UK Coal PLC in 2001 after Richard John Budge retired. UK Coal PLC in 1994 acquired the English coalfield assets in the privatisation of State-owned British Coal. The company took control of 17 of the 19 remaining deep mines and some 30 surface mines at a cost of £815 million. After the merger with British Coal profits surged with the company securing three-year contracts with National Power and Powergen. The company started to decline after Labour came to power in 1997 and ministers accused the company of using the threat of job cuts to lever funding from the Government. On 10 April 2014 the UK government gave the company a £10 million loan to help fund the close of its two remaining deep mines. UK Coal PLC’s difficulties have been precipitated by a flood of U.S. coal onto the market, as a result of shale gas development, and by the strength of sterling. The two remaining deep mines, Thoresby Colliery and Kellingley Colliery, ceased production in July 2015 and December 2015.