Pioneering biodiesel manufacturer Argent Energy offered
23 July 2013
Argent Energy, a leader of large-scale business production of biodiesel in the UK, has actually been purchased by a green financial investment company.
Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for an undisclosed amount.
Argent makes green roadway fuel by recycling wastes and residues such as used cooking oil and tallow from the meat market.
The company will stay in private ownership and will continue to run individually.
Its senior management, including chairman Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to remain with the business.
Souter Investments, the private investment company of Sir Brian Souter, confirmed it had actually offered its 37% stake in Argent.
'Future potential'
Mr Walker stated the investment by John Swire highlighted Argent's strong market position, adding there was now a chance "to take Argent's abilities additional afield".
Barnaby Swire, of John Swire, stated his business was committed to "checking out and buying innovative and practical green markets".
He included: "We are delighted to be obtaining Argent Energy, a company which we think can grow and succeed not only within the UK however also overseas, in particular in Asian markets with which Swire Group companies are familiar.
"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of attributes and values that are compatible with our own, and eagerly anticipate dealing with them to maximise Argent Energy's future capacity."
Argent was developed in 2001. In 2009 it was purchased by a consortium which included senior management in addition to 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
Trinidad Gaiser edited this page 2025-01-12 06:25:45 +01:00