Scots entrepreneur Sir Brian Souter is in line for a multimillion-pound windfall after a biodiesel business was snapped up in a £100million deal.
Motherwell-based Argent Energy, which converts cooking oil, tallow and sewer grease into usable biofuel, was taken over yesterday by the green investment arm of the John Swire and Sons group.
The value of the deal was not disclosed but it is understood to be worth about £100million
Sir Brian has had a major stake in Argent since 2009 and is thought to have had a controlling interest through his private investment vehicle.
Argent is a long-time supplier of biofuel to Stagecoach Group, the transport giant founded by Sir Brian and sister Ann Gloag.
The sale is the third major disposal by Souter Investments this year after it sold off its stake in insurance group esure and its interest in luxury yacht manufacturer Sunseeker.
Argent employs 70 people in Scotland and will continue to operate independently, with finance director Jim Boyd, chairman Andy Hunter and MD Jim Walker keeping their roles.
Mr Walker, a former NFU Scotland president, said: “The investment . . . not only underlines the company’s strong market position but the quality of the business and the expertise of our workforce. The opportunity is now there to take Argent’s skills farther afield.”
Swire, whose diverse portfolio includes airline Cathay Pacific and Aberdeen-based Swire Oilfield Services, said it intended to replicate the Argent business model in other parts of the world.