mission-biofuels-india-private-ltd

Pioneering biodiesel producer Argent Energy offered

23 July 2013

Argent Energy, a of massive commercial production of biodiesel in the UK, has been purchased by a green financial investment company.

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 market.

The company will remain 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 remain with the company.

Souter Investments, the personal investment firm of transport tycoon Sir Brian Souter, confirmed it had sold its 37% stake in Argent.

'Future capacity'

Mr Walker stated the financial 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, stated his company was dedicated to "checking out and purchasing ingenious and viable green markets".

He added: "We are pleased to be obtaining Argent Energy, a company which we believe can grow and prosper not just within the UK but 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 worths that are suitable with our own, and anticipate working with them to maximise Argent Energy's future potential."

Argent was developed in 2001. In 2009 it was bought by a consortium that 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.

Cooking oil to run buses in trial

4 November 2011

Argent Energy

Souter Investments