Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a leader of large-scale commercial production of biodiesel in the UK, has been purchased by a green investment company.
Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for a concealed amount.
Argent makes green road fuel by recycling wastes and residues such as used cooking oil and tallow from the meat market.
The company will remain in private ownership and will continue to run individually.
Its senior management, including chairman Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to remain with the company.
Souter Investments, the private investment firm of transportation magnate Sir Brian Souter, confirmed it had actually offered its 37% stake in Argent.
'Future capacity'
Mr Walker stated the investment by John Swire underlined Argent's strong market position, adding there was now a chance "to take Argent's skills more afield".
Barnaby Swire, of John Swire, stated his company was devoted to "checking out and buying innovative and feasible green industries".
He included: "We are happy to be obtaining Argent Energy, a business which we believe can grow and succeed not just within the UK however also overseas, in particular in Asian markets with which Swire Group companies recognize.
"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of characteristics and values that work with our own, and look to working 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 capability 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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