mission-newenergy-limited

Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of massive business production of biodiesel in the UK, has actually been bought 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 roadway fuel by recycling wastes and residues such as used cooking oil and tallow from the meat industry.

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

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

Souter Investments, the private investment company of transport tycoon Sir Brian Souter, confirmed it had actually sold its 37% stake in Argent.

'Future capacity'

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

Barnaby Swire, of John Swire, stated his business was devoted to "exploring and investing in ingenious and feasible green markets".

He included: "We are happy to be acquiring Argent Energy, a business which our company believe can grow and flourish not just within the UK however likewise overseas, in specific in Asian markets with which Swire Group business are familiar.

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of attributes and worths that are compatible with our own, and eagerly anticipate 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 in addition to 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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