Pioneering biodiesel manufacturer Argent Energy offered
23 July 2013
Argent Energy, a leader of massive commercial production of biodiesel in the UK, has been purchased by a green investment business.
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 industry.
The company will remain in private ownership and will continue to run individually.
Its senior management, including chairman Andy Hunter, handling director Jim Walker and monetary director Jim Boyd are to remain with the company.
Souter Investments, the personal investment company of transport tycoon Sir Brian Souter, validated it had actually offered its 37% stake in Argent.
'Future capacity'
Mr Walker said the investment by John Swire highlighted Argent's strong market position, there was now a chance "to take Argent's skills additional afield".
Barnaby Swire, of John Swire, said his business was dedicated to "checking out and purchasing ingenious and viable green industries".
He included: "We are delighted to be acquiring Argent Energy, a business which our company believe can grow and prosper not just within the UK but also overseas, in specific in Asian markets with which Swire Group companies recognize.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of characteristics and worths that are suitable with our own, and anticipate dealing with them to maximise Argent Energy's future potential."
Argent was developed 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 up to 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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