Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a leader of large-scale business production of biodiesel in the UK, has actually been bought by a green investment firm.
Argent, based near Motherwell, was to a subsidiary of London-based John Swire & Sons for a concealed sum.
Argent makes green road fuel by recycling wastes and residues such as used cooking oil and tallow from the meat market.
The company will stay in private ownership and will continue to run separately.
Its senior management, consisting of chairman Andy Hunter, managing director Jim Walker and monetary director Jim Boyd are to remain with the company.
Souter Investments, the personal investment firm of transportation magnate Sir Brian Souter, verified it had sold its 37% stake in Argent.
'Future potential'
Mr Walker said the financial investment by John Swire underlined Argent's strong market position, adding there was now a chance "to take Argent's skills further afield".
Barnaby Swire, of John Swire, said his business was devoted to "checking out and purchasing innovative and viable green markets".
He added: "We are pleased to be acquiring Argent Energy, a business which we think can grow and flourish not only within the UK but also overseas, in specific 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 increase Argent Energy's future capacity."
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 approximately 50 million litres of biodiesel a year.
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Argent Energy
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Pioneering Biodiesel Producer Argent Energy Sold
Lily Whitman edited this page 2025-01-12 01:12:32 -08:00