Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of large-scale commercial production of biodiesel in the UK, has actually been purchased by a green investment firm.
Argent, based near Motherwell, was offered 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 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 business.
Souter Investments, the private financial investment business of magnate Sir Brian Souter, verified it had sold its 37% stake in Argent.
'Future potential'
Mr Walker stated the financial investment by John Swire underlined Argent's strong market position, adding there was now an opportunity "to take Argent's skills further afield".
Barnaby Swire, of John Swire, said his business was dedicated to "checking out and buying ingenious and viable green markets".
He included: "We are delighted to be obtaining Argent Energy, a business which we believe can grow and succeed not just within the UK however likewise overseas, in specific in Asian markets with which Swire Group business recognize.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of qualities and worths that are suitable with our own, and look forward to 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 along with Souter Investments.
Its plant at Newarthill, near Motherwell, has the capability to produce approximately 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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