mission-biofuels-sdn.-bhd

manufacturer Argent Energy sold

23 July 2013

Argent Energy, a pioneer of large-scale commercial production of biodiesel in the UK, has actually been purchased by a green investment company.

Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for a concealed amount.

Argent makes green roadway fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat industry.

The firm will stay in private ownership and will continue to run separately.

Its senior management, consisting of chairman Andy Hunter, handling director Jim Walker and monetary director Jim Boyd are to stay with the business.

Souter Investments, the personal investment business of transportation tycoon Sir Brian Souter, confirmed it had actually offered its 37% stake in Argent.

'Future capacity'

Mr Walker stated the investment by John Swire highlighted Argent's strong market position, including there was now a chance "to take Argent's abilities more afield".

Barnaby Swire, of John Swire, stated his company was dedicated to "exploring and purchasing innovative and feasible green markets".

He added: "We are delighted to be getting Argent Energy, a business which we think can grow and succeed not only within the UK but also overseas, in particular in Asian markets with which Swire Group business recognize.

"John Swire & Sons Ltd sees in Argent Energy's employees a mix of qualities and worths that are compatible with our own, and look forward to dealing with them to increase Argent Energy's future potential."

Argent was established in 2001. In 2009 it was bought by a consortium which included senior management along with Souter Investments.

Its plant at Newarthill, near Motherwell, has the capacity to produce approximately 50 million litres of biodiesel a year.

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