Pioneering biodiesel manufacturer Argent Energy sold
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 company.
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 oil and tallow from the meat market.
The firm will remain in personal 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 stay with the business.
Souter Investments, the private investment firm of transportation magnate Sir Brian Souter, confirmed it had offered its 37% stake in Argent.
'Future potential'
Mr Walker stated the investment by John Swire highlighted Argent's strong market position, including there was now an opportunity "to take Argent's skills more afield".
Barnaby Swire, of John Swire, said his company was committed to "exploring and investing in innovative and viable green markets".
He included: "We are pleased to be getting Argent Energy, a company which we believe can grow and prosper not just within the UK however likewise overseas, in particular in Asian markets with which Swire Group business recognize.
"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of attributes and values that are suitable with our own, and eagerly anticipate working with them to maximise Argent Energy's future potential."
Argent was developed in 2001. In 2009 it was purchased by a consortium which consisted of senior management together 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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