Pioneering biodiesel producer Argent Energy sold
23 July 2013
Argent Energy, a leader of large-scale commercial production of biodiesel in the UK, has actually been purchased by a green investment firm.
Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for an undisclosed sum.
Argent makes green roadway fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat industry.
The company will remain in private 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 remain with the business.
Souter Investments, the private investment firm of transportation magnate Sir Brian Souter, verified it had sold its 37% stake in Argent.
'Future capacity'
Mr Walker stated the investment by John Swire highlighted Argent's strong market position, adding there was now a chance "to take Argent's abilities additional afield".
Barnaby Swire, of John Swire, said his business was devoted to "exploring and purchasing innovative and viable green industries".
He added: "We are thrilled to be getting Argent Energy, a company which our company believe can grow and flourish not only within the UK however also overseas, in specific in Asian markets with which Swire Group companies are familiar.
"John Swire & Sons Ltd sees in Argent Energy's employees a mix of attributes and worths that are compatible with our own, and eagerly anticipate dealing with them to increase Argent future potential."
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 as much as 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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