mission-biofuels-sdn.-bhd

Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a leader of large-scale industrial production of biodiesel in the UK, has actually been purchased by a green investment firm.

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 used cooking oil and tallow from the meat market.

The firm will remain in private ownership and will continue to run individually.

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

Souter Investments, the investment business of transportation tycoon Sir Brian Souter, validated it had sold its 37% stake in Argent.

'Future capacity'

Mr Walker stated the investment by John Swire highlighted 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 company was devoted to "checking out and purchasing innovative and feasible green markets".

He included: "We are pleased to be acquiring Argent Energy, a business which we believe can grow and prosper not just 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 staff members a mix of attributes and worths that work with our own, and look forward to working with them to maximise Argent Energy's future potential."

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 capability to produce approximately 50 million litres of biodiesel a year.

Cooking oil to run buses in trial

4 November 2011

Argent Energy

Souter Investments