Pioneering biodiesel manufacturer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of large-scale commercial production of biodiesel in the UK, has been purchased by a green investment business.
Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for a concealed sum.
Argent makes green road fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat industry.
The company will remain in private ownership and will continue to run independently.
Its senior management, including chairman Andy Hunter, handling director Jim Walker and financial director Jim Boyd are to remain with the business.
Souter Investments, the private investment firm of transportation magnate Sir Brian Souter, confirmed it had actually sold its 37% stake in Argent.
'Future capacity'
Mr Walker stated the financial investment by John Swire highlighted Argent's strong market position, adding there was now an opportunity "to take Argent's skills additional afield".
Barnaby Swire, of John Swire, said his business was devoted to "checking out and investing in innovative and practical green industries".
He included: "We are pleased to be getting Argent Energy, a business which we believe can grow and flourish not only within the UK but also overseas, in specific in Asian markets with which Swire Group companies recognize.
"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of attributes and values that work with our own, and eagerly anticipate dealing with them to increase Argent capacity."
Argent was established in 2001. In 2009 it was bought by a consortium which consisted of senior management along with Souter Investments.
Its plant at Newarthill, near Motherwell, has the capacity to produce up to 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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