COLLIERY which HAD BEEN SUBJECTED TO A WORKER BUY-OUT.

Tower Colliery, based in the South Wales Coal-field, was closed by the British Coal Board in 1994, and was then offered for sale to the public as part of the then UK Government's policy of privatisation of the whole of the British coal industry. The colliery had been in existence since the 19th century and was capable of producing 900,000 tons of coal a year.

The local lodge of the National Union of Mineworkers had led a very public fight to try to prevent the mine being closed. They felt that the mine was economic and had good reserves for at least ten year's production. They also knew that the managers wanted to buy the mine.

A steering committee of eight miners was elected to work with the Centre to prepare a business plan. The steering committee worked with the Centre for four months preparing this plan. It was then decided to appoint Price Waterhouse as financial advisers as the bid would have to be made in open competition with large mining companies and specialist advice was needed on structuring the bid. They also helped to negotiate the financial details with Rothschilds, who were acting for the Government on the sale of all the coal mines.

The planning started in April 1994, the Government announced that the miners were the preferred bidders in October 1994, and the deal was completed in December 1994. The mine commenced working under new ownership on 2 January 1995.the company has been successfully trading for over three years and has recorded a profit for every year. It now employs over 300 people and has plans for expansion in to other mines. It has established a very popular visitors' centre and has close links with the local community.this buy-out, which shows that workers can work together to accomplish an ideal without being dependant on capitalist laws, inspired the manics when making everything must go [album].