Pioneering biodiesel manufacturer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of large-scale business 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 amount.
Argent makes green roadway 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 separately.
Its senior management, Andy Hunter, handling director Jim Walker and financial director Jim Boyd are to remain with the business.
Souter Investments, the private financial investment business of transportation magnate Sir Brian Souter, verified it had sold its 37% stake in Argent.
'Future potential'
Mr Walker stated the financial investment by John Swire underlined Argent's strong market position, including there was now an opportunity "to take Argent's abilities further afield".
Barnaby Swire, of John Swire, stated his business was committed to "exploring and purchasing innovative and viable green markets".
He included: "We are thrilled to be obtaining Argent Energy, a business which our company believe can grow and succeed not just within the UK but likewise overseas, in particular 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 developed in 2001. In 2009 it was purchased by a consortium which consisted of senior management in addition to Souter Investments.
Its plant at Newarthill, near Motherwell, has the capability to produce approximately 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
Sondra Yamamoto edited this page 4 months ago