mission-biotechnologies-sdn.-bhd

Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a leader of large-scale commercial production of biodiesel in the UK, has actually been bought 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 road fuel by and residues such as utilized cooking oil and tallow from the meat industry.

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 financial director Jim Boyd are to stay with the business.

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

'Future capacity'

Mr Walker said the investment by John Swire underlined Argent's strong market position, including there was now an opportunity "to take Argent's abilities more afield".

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

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

"John Swire & Sons Ltd sees in Argent Energy's workers a mix of attributes and worths that are suitable with our own, and eagerly anticipate working with them to increase Argent Energy's future capacity."

Argent was developed in 2001. In 2009 it was purchased by a consortium that included senior management together with Souter Investments.

Its plant at Newarthill, near Motherwell, has the capability to produce as much as 50 million litres of biodiesel a year.

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