Pioneering biodiesel producer Argent Energy sold
23 July 2013
Argent Energy, a pioneer of large-scale industrial production of biodiesel in the UK, has actually been bought by a green financial investment company.
Argent, based near Motherwell, was offered 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 personal ownership and will continue to run individually.
Its senior management, including chairman Andy Hunter, handling director Jim Walker and financial director Jim Boyd are to remain with the company.
Souter Investments, the private investment firm of transport magnate Sir Brian Souter, verified it had sold its 37% stake in Argent.
'Future potential'
Mr Walker said the investment by John Swire underlined Argent's strong market position, including there was now a chance "to take Argent's skills further afield".
Barnaby Swire, of John Swire, stated his business was dedicated to "exploring and purchasing ingenious and viable green industries".
He included: "We are happy to be getting Argent Energy, a business which our company believe can grow and succeed not just within the UK however likewise overseas, in particular in Asian markets with which Swire Group business recognize.
" & Sons Ltd sees in Argent Energy's workers a mix of qualities and values that work with our own, and anticipate dealing with them to increase Argent Energy's future capacity."
Argent was established in 2001. In 2009 it was purchased by a consortium that included 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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