Pioneering biodiesel manufacturer Argent Energy sold
23 July 2013
Argent Energy, a pioneer of large-scale industrial production of biodiesel in the UK, has actually been purchased by a green investment business.
Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for an undisclosed sum.
Argent makes green road fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat industry.
The firm will remain in personal ownership and will continue to run independently.
Its senior management, consisting of 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 transport tycoon Sir Brian Souter, verified it had offered its 37% stake in Argent.
'Future capacity'
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 skills additional afield".
Barnaby Swire, of John Swire, said his company was devoted to "checking out and purchasing ingenious and feasible green markets".
He added: "We are happy to be obtaining Argent Energy, a business which we think can grow and flourish not just within the UK however likewise overseas, in specific in Asian markets with which Swire Group business are familiar.
"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of characteristics and worths that work with our own, and eagerly anticipate working with them to Energy's future potential."
Argent was established in 2001. In 2009 it was purchased by a consortium that included senior management in addition to Souter Investments.
Its plant at Newarthill, near Motherwell, has the capacity to produce approximately 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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