pt-sinergi-oleo-nusantara

manufacturer Argent Energy sold

23 July 2013

Argent Energy, a leader of massive industrial production of biodiesel in the UK, has actually 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 amount.

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

The company will remain 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, verified it had offered its 37% stake in Argent.

'Future capacity'

Mr Walker said the investment by John Swire highlighted Argent's strong market position, adding there was now a chance "to take Argent's abilities more afield".

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

He included: "We are happy to be obtaining Argent Energy, a business which we think can grow and prosper not just within the UK however likewise overseas, in particular in Asian markets with which Swire Group business are familiar.

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of qualities and values that work with our own, and look forward to dealing with them to maximise Argent Energy's future potential."

Argent was established in 2001. In 2009 it was bought by a consortium that included senior management along with 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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