Pioneering biodiesel producer Argent Energy sold
23 July 2013
Argent Energy, a pioneer of massive industrial production of biodiesel in the UK, has actually been bought by a green investment company.
Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for a concealed amount.
Argent makes green roadway fuel by recycling wastes and residues such as used cooking oil and tallow from the meat market.
The firm will remain in private ownership and will continue to run independently.
Its senior management, including chairman Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to remain with the company.
Souter Investments, the private investment business of transport magnate Sir Brian Souter, validated it had offered its 37% stake in Argent.
'Future potential'
Mr Walker said the financial investment by John Swire highlighted Argent's strong market position, adding there was now an opportunity "to take Argent's abilities additional afield".
Barnaby Swire, of John Swire, said his business was committed to "checking out and investing in innovative and viable green markets".
He included: "We are pleased to be acquiring Argent Energy, a business which we think can grow and prosper not just within the UK but likewise 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 qualities and worths that are suitable with our own, and anticipate dealing with them to Argent Energy's future capacity."
Argent was established in 2001. In 2009 it was bought by a consortium which consisted of senior management together 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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