mission-agroenergy-ltd

Pioneering biodiesel producer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of massive business production of biodiesel in the UK, has actually been purchased by a green financial investment .

Argent, based near Motherwell, was sold 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 utilized cooking oil and tallow from the meat industry.

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

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

Souter Investments, the private investment firm of transportation magnate Sir Brian Souter, validated it had actually sold its 37% stake in Argent.

'Future potential'

Mr Walker stated the investment by John Swire highlighted Argent's strong market position, adding there was now a chance "to take Argent's abilities further afield".

Barnaby Swire, of John Swire, said his business was committed to "checking out and investing in ingenious and feasible green industries".

He included: "We are thrilled to be getting Argent Energy, a company which our company believe can grow and succeed not just within the UK but also overseas, in particular in Asian markets with which Swire Group business are familiar.

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of characteristics and worths that work 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 purchased by a consortium which consisted of senior management in addition to 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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