Argent Energy unveils £7m expansion plans
Motherwell-based Argent Energy Group, which has been producing the diesel since 2005, signed the deal with Royal Bank of Scotland.
The firm, which previously banked with Lloyds, said it wanted a “more local business relationship” with its lender.
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Hide AdSome £3m from the deal is being supplied by Lombard, RBS’s asset financing division, and will be used to buy a machine that will turn animal fat recovered from waste water into bio-diesel.
About 15 jobs will be created as part of the expansion, which will take the firm’s headcount up to 75 staff.
Jim Walker, managing director of Argent, said: “We have ambitious growth plans and felt we needed a bank we could build a good relationship with and that has a strong local presence.
“We have been able to agree a package that is tailored to our needs and will help us to achieve our strategic objectives.”
Jim McIntyre, regional director at RBS Corporate & Institutional Banking, added: “This was a fantastic opportunity for us to help an ambitious Scottish company and we are delighted to be given the chance to do so.”
The firm – founded in 2001 – was sold in 2009 to a consortium that includes Stagecoach founders Sir Brian Souter and his sister, Ann Gloag.