mission-newenergy-limited

Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a leader of massive commercial production of biodiesel in the UK, has 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 utilized cooking oil and tallow from the meat industry.

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

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

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

'Future potential'

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

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

He added: "We are delighted to be acquiring Argent Energy, a business which our company believe can grow and prosper not only within the UK but likewise overseas, in particular in Asian markets with which Swire Group business recognize.

" & Sons Ltd sees in Argent Energy's staff members a mix of qualities and values that work with our own, and anticipate working with them to increase Argent Energy's future potential."

Argent was developed in 2001. In 2009 it was purchased by a consortium that included senior management in addition to Souter Investments.

Its plant at Newarthill, near Motherwell, has the capacity to produce approximately 50 million litres of biodiesel a year.

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