THE working Forest of Dean mine known as Hayners Bailey at Bixslade has been sold by owner Gerald Haynes, who has been running the mine for 20 years.
The licensed mine is also changing its name to the Monument Colliery.
In a statement the new owners, Messrs M and M Bradley and Mr Ray Ashley, say they intend to continue and hopefully expand the production of household and boiler fuel from the mine.
They will also be sending small coals from the Yorkley seam currently being worked for blending to the South Wales market.
Mr Haynes said he wished the new partners all the best but was "unable to continue as a one-man band".
"Now is the right time to leave in order to allow the new partners to expand and perhaps find additional markets," he said.
He added that he wished to thank all his old customers and assure them that continuity would be maintained.
The new partners, who have had many years of experience in mining in the Forest, said they looked forward to continuing to supply local markets.
They also said they were grateful to Mr Haynes for the smooth changeover and were glad he would be on hand with help and advice if required.