Pioneering biodiesel manufacturer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of massive commercial production of biodiesel in the UK, has actually been bought by a green investment firm.
Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for a concealed sum.
Argent makes green roadway fuel by recycling wastes and residues such as used cooking oil and tallow from the meat market.
The company will remain in personal ownership and will continue to run separately.
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 personal investment firm of transportation magnate Sir Brian Souter, verified it had actually sold its 37% stake in Argent.
'Future potential'
Mr Walker said the investment by John Swire highlighted 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 dedicated to "exploring and investing in innovative and viable green industries".
He added: "We are thrilled to be getting Argent Energy, a company which our company believe can grow and flourish not only within the UK but likewise overseas, in specific in Asian markets with which Swire Group companies recognize.
"John Swire & Sons Ltd sees in Argent Energy's employees a mix of qualities and worths that are compatible with our own, and anticipate dealing with them to maximise Argent potential."
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 approximately 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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