Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of large-scale business production of biodiesel in the UK, has actually been bought by a firm.
Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for a concealed sum.
Argent makes green road fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat market.
The firm will remain in personal ownership and will continue to run separately.
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 magnate Sir Brian Souter, confirmed it had sold its 37% stake in Argent.
'Future potential'
Mr Walker said the investment by John Swire underlined Argent's strong market position, adding there was now an opportunity "to take Argent's abilities additional afield".
Barnaby Swire, of John Swire, stated his company was dedicated to "exploring and purchasing innovative and viable green markets".
He included: "We are pleased to be acquiring Argent Energy, a business which our company believe can grow and prosper not only within the UK however also overseas, in specific in Asian markets with which Swire Group business recognize.
"John Swire & Sons Ltd sees in Argent Energy's employees a mix of qualities and worths that work with our own, and eagerly anticipate working with them to maximise Argent Energy's future capacity."
Argent was established in 2001. In 2009 it was purchased by a consortium which included senior management along 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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