Pioneering biodiesel manufacturer Argent Energy offered
23 July 2013
Argent Energy, a leader of massive commercial production of biodiesel in the UK, has actually been purchased by a green financial investment business.
Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for an undisclosed amount.
Argent makes green road fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat market.
The firm will remain in personal ownership and will continue to run separately.
Its senior management, including chairman Andy Hunter, handling director Jim Walker and Jim Boyd are to remain with the business.
Souter Investments, the personal investment firm of transportation tycoon Sir Brian Souter, confirmed it had actually sold its 37% stake in Argent.
'Future potential'
Mr Walker said the financial investment by John Swire underlined Argent's strong market position, including there was now an opportunity "to take Argent's abilities more afield".
Barnaby Swire, of John Swire, said his business was committed to "exploring and investing in innovative and practical green industries".
He included: "We are happy to be getting Argent Energy, a business which our company believe can grow and flourish not only within the UK however also 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 characteristics and values that are compatible with our own, and eagerly anticipate dealing with them to maximise Argent Energy's future potential."
Argent was established in 2001. In 2009 it was bought by a consortium which included 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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