mission-biotechnologies-sdn.-bhd

Pioneering biodiesel producer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of large-scale commercial production of biodiesel in the UK, has actually been purchased by a green financial investment company.

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 residues such as used cooking oil and tallow from the meat market.

The company will remain in private ownership and will continue to run independently.

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

Souter Investments, the personal financial investment company of transportation magnate Sir Brian Souter, verified it had actually offered its 37% stake in Argent.

'Future potential'

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

Barnaby Swire, of John Swire, stated his company was committed to "checking out and investing in innovative and viable green industries".

He included: "We are thrilled to be acquiring Argent Energy, a business which we think can grow and succeed not only 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 employees a mix of attributes and values that work with our own, and eagerly anticipate 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 capacity to produce as much as 50 million litres of biodiesel a year.

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