Mr Moulton said that he had approached UK Coal together with two “heavy duty” property investors to discuss bidding for the company. He said that the company had refused to enter into talks.

Mr Moulton was chairman of RJB Mining, UK Coal’s predecessor company. He said yesterday that he remained interested in bidding for UK Coal, but that complications — notably a £116 million pensions deficit — meant that this could be done only with directors’ co-operation.

“We approached them, but they really weren’t prepared to engage seriously,” Mr Moulton said. “So far as I was concerned, we were a highly credible group. We were talking about a price which I think would have been highly acceptable to shareholders.

“All we’ve ever asked for is a single afternoon’s meeting to discuss larger issues [such as the pensions deficit] and they’ve declined to give it to us. “We would be happy to continue a dialogue, but we’re not making any steps to do so at the moment.

“In the post-Pensions Bill world, you couldn’t touch this company without spending time talking to the pension trustees and the pensions regulator. This is not a company you can buy on a hostile basis. If the board don’t want to engage a buyer, it will never get sold.” Mr Moulton urged UK Coal’s main shareholders, led by Fidelity Investments, to put pressure on the board to open discussions. He said: “If the shareholders want a decent price, it’s up to them to lean on the directors.”

UK Coal said yesterday that it had sought clarification from a potential bidder [Mr Moulton] and that this had not been forthcoming. As a result, talks about a possible offer had ended.

UK Coal ran up losses of £29 million last year. Much of its value is tied up in former collieries and land. Analysts say that UK Coal’s property assets could be worth £200 million.

Mr Moulton, who made his name working on management buyouts, ran Schroder Ventures before forming Alchemy in 1997.

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