mission-biofuels-sdn.-bhd

Pioneering biodiesel manufacturer Argent Energy sold

23 July 2013

Argent Energy, a leader of massive commercial production of biodiesel in the UK, has actually been purchased by a green investment firm.

Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for an undisclosed sum.

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

The firm will stay in personal ownership and will continue to run independently.

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

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

'Future capacity'

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

Barnaby Swire, of John Swire, stated his company was committed to "checking out and buying ingenious and feasible green markets".

He added: "We are happy to be obtaining Argent Energy, a business which our company believe can grow and succeed not only within the UK however also overseas, in specific in Asian markets with which Swire Group business are familiar.

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

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

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