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Pioneering [biodiesel](https://www.proactiveinvestors.co.uk/companies/news/159346/mission-newenergy-delivers-maiden-biodiesel-production-to-global-oil-major-24476.html) [producer Argent](https://www.intelligentinvestor.com.au/shares/asx-mbt/mission-newenergy-limited/share-price) Energy offered
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23 July 2013
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Argent Energy, a leader of large-scale industrial production of [biodiesel](https://www.investing.com/equities/mission-newenergy-ltd-company-profile) in the UK, has been bought by a green investment [company](https://www.proactiveinvestors.co.uk/companies/news/159352/mission-newenergy-debt-free-focused-on-biofuel-joint-venture-60797.html).
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Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for an undisclosed sum.
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Argent makes green road fuel by [recycling wastes](https://www.proactiveinvestors.co.uk/companies/news/159352/mission-newenergy-debt-free-focused-on-biofuel-joint-venture-60797.html) and [residues](https://www.nasdaq.com/market-activity/ipos/overview?dealId=804419-65608) such as used [cooking](https://www.crunchbase.com/organization/mission-newenergy) oil and tallow from the meat market.
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The company will remain in private ownership and will continue to run [individually](https://www.bloomberg.com/profile/company/MNELF:US).
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Its senior management, including chairman Andy Hunter, handling director [Jim Walker](https://www.zoominfo.com/c/mission-newenergy/346542889) and [financial director](https://www.zoominfo.com/c/mission-newenergy/346542889) Jim Boyd are to remain with the [business](https://www.google.com/search?kgmid=/m/0cqd_rb).
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Souter Investments, the [private investment](https://www.bloomberg.com/profile/company/MNELF:US) firm of [transport tycoon](https://www.abnnewswire.net/companies/en/31347/%E0%B8%9A%E0%B8%A3%E0%B8%B4%E0%B8%A9%E0%B8%B1%E0%B8%97-Mission-NewEnergy-%E0%B8%88%E0%B8%B3%E0%B8%81%E0%B8%B1%E0%B8%94.html/4) Sir Brian Souter, confirmed it had actually offered its 37% stake in Argent.
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'Future potential'
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Mr Walker said the [financial investment](https://biodieselmagazine.com/articles/felda-global-buys-missions-kuantan-port-plant-for-11-5-million-9053) by John Swire [highlighted Argent's](https://www.nasdaq.com/market-activity/ipos/overview?dealId=804419-65608) [strong market](https://www.intelligentinvestor.com.au/shares/asx-mbt/mission-newenergy-limited/share-price) position, there was now an [opportunity](https://www.proactiveinvestors.co.uk/companies/news/159346/mission-newenergy-delivers-maiden-biodiesel-production-to-global-oil-major-24476.html) "to take Argent's skills further afield".
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[Barnaby](https://www.google.com/search?kgmid=/m/0cqd_rb) Swire, of John Swire, stated his company was devoted to "checking out and investing in ingenious and practical green industries".
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He included: "We are pleased to be acquiring Argent Energy, a business which our company believe can grow and prosper not only within the UK however also overseas, in particular in Asian markets with which Swire Group business are familiar.
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"John Swire & Sons Ltd sees in [Argent Energy's](https://forest500.org/rankings/companies/mission-newenergy-limited) workers a mix of [attributes](https://www.investing.com/equities/mission-newenergy-ltd-company-profile) and values that work with our own, and eagerly anticipate dealing with them to increase Argent Energy's future capacity."
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Argent was established in 2001. In 2009 it was purchased by a consortium which consisted of senior management together with Souter Investments.
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Its plant at Newarthill, near Motherwell, has the capacity to produce as much as 50 million litres of [biodiesel](https://www.pinterest.com.au/missionnewenergy/) a year.
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Cooking oil to run buses in trial
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4 November 2011
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Argent Energy
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Souter Investments
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