m2-capital-sdn.-bhd

Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a pioneer of large-scale business production of biodiesel in the UK, has been purchased 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 firm will remain in personal ownership and will continue to run individually.

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

Souter Investments, the personal investment business of transportation tycoon Sir Brian Souter, validated it had offered its 37% stake in Argent.

'Future capacity'

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

Barnaby Swire, of John Swire, said his company was dedicated to "checking out and purchasing innovative and feasible green industries".

He included: "We are thrilled to be acquiring Argent Energy, a business which we think can grow and flourish not only within the UK but also 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 qualities and values that work with our own, and look forward to working with them to maximise Argent Energy's future capacity."

Argent was established in 2001. In 2009 it was bought 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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