Pioneering biodiesel manufacturer Argent Energy sold
23 July 2013
Argent Energy, a leader of large-scale commercial production of biodiesel in the UK, has been purchased by a green financial investment business.
Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for an undisclosed 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, consisting of chairman Andy Hunter, handling director Jim Walker and financial director Jim Boyd are to stay with the business.
Souter Investments, the investment company of transport tycoon Sir Brian Souter, validated it had actually sold its 37% stake in Argent.
'Future potential'
Mr Walker stated the financial investment by John Swire highlighted Argent's strong market position, including there was now a chance "to take Argent's abilities additional afield".
Barnaby Swire, of John Swire, said his company was devoted to "exploring and buying innovative and feasible green markets".
He added: "We are pleased to be getting Argent Energy, a company which our company believe 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 attributes and values that are compatible with our own, and eagerly anticipate working with them to maximise Argent Energy's future potential."
Argent was developed in 2001. In 2009 it was bought by a consortium that included senior management together with Souter Investments.
Its plant at Newarthill, near Motherwell, has the capacity to produce up to 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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