mission-biofuels-sdn.-bhd

Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a pioneer of massive commercial production of biodiesel in the UK, has been bought by a green investment firm.

Argent, based near Motherwell, was sold to a subsidiary of Swire & Sons for a concealed sum.

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

The firm will remain in personal ownership and will continue to run separately.

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

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

'Future potential'

Mr Walker stated the investment by John Swire underlined Argent's strong market position, adding there was now an opportunity "to take Argent's skills further afield".

Barnaby Swire, of John Swire, said his business was committed to "checking out and purchasing innovative and feasible green industries".

He added: "We are happy to be getting Argent Energy, a business which we believe can grow and prosper not just within the UK however also overseas, in particular in Asian markets with which Swire Group companies are familiar.

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of characteristics and values that are compatible with our own, and anticipate dealing with them to maximise Argent Energy's future capacity."

Argent was developed 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 as much as 50 million litres of biodiesel a year.

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