mission-newenergy-limited

Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of large-scale commercial production of biodiesel in the UK, has been bought by a green investment firm.

Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for a concealed sum.

Argent makes green road fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat market.

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

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

Souter Investments, the personal financial investment business of transportation magnate Sir Brian Souter, validated it had actually sold 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 skills further afield".

Barnaby Swire, of John Swire, said his business was dedicated to "exploring and buying ingenious and practical green industries".

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

"John Swire & Sons Ltd sees in staff members a mix of characteristics and worths that work with our own, and look forward to working with them to increase Argent Energy's future capacity."

Argent was established in 2001. In 2009 it was purchased by a consortium which included senior management along 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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