Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a leader of massive industrial production of biodiesel in the UK, has actually been purchased by a green investment firm.
Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for an amount.
Argent makes green roadway fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat market.
The company will remain in private ownership and will continue to run individually.
Its senior management, consisting of chairman Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to remain with the company.
Souter Investments, the private financial investment business of transport tycoon Sir Brian Souter, verified it had sold its 37% stake in Argent.
'Future potential'
Mr Walker said the investment by John Swire underlined 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 committed to "exploring and investing in innovative and feasible green industries".
He added: "We are happy to be acquiring Argent Energy, a company which our company believe can grow and prosper not only within the UK but likewise overseas, in specific in Asian markets with which Swire Group business recognize.
"John Swire & Sons Ltd sees in Argent Energy's employees a mix of attributes and worths that work with our own, and look forward to dealing with them to maximise Argent Energy's future capacity."
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 as much as 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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