mission-biofuels-india-private-ltd

Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

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

Argent, based near Motherwell, was sold to a subsidiary of 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 company will stay in personal ownership and will continue to run individually.

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

Souter Investments, the private investment company of transportation tycoon Sir Brian Souter, validated it had actually offered 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 further afield".

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

He included: "We are happy to be obtaining Argent Energy, a company which we think can grow and prosper not only within the UK however also overseas, in specific in Asian markets with which Swire Group companies 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 eagerly anticipate working with them to maximise Argent Energy's future capacity."

Argent was developed in 2001. In 2009 it was bought by a consortium which consisted of senior management in addition to Souter Investments.

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

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