mission-biotechnologies-sdn.-bhd

Pioneering biodiesel Energy offered

23 July 2013

Argent Energy, a leader of massive business production of biodiesel in the UK, has been bought by a green investment company.

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

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

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

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

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

'Future potential'

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

Barnaby Swire, of John Swire, said his company was committed to "checking out and purchasing innovative and practical green markets".

He added: "We are delighted to be getting Argent Energy, a business which our company believe can grow and prosper 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 workers a mix of qualities and worths that are compatible with our own, and look forward to dealing with them to increase Argent Energy's future capacity."

Argent was developed in 2001. In 2009 it was bought by a consortium which included senior management together with Souter Investments.

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

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