Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a leader of massive industrial production of biodiesel in the UK, has actually been purchased by a green investment firm.
Argent, based near Motherwell, was offered 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 industry.
The firm will stay in private ownership and will continue to run separately.
Its senior management, including chairman Andy Hunter, managing director Jim Walker and monetary director Jim Boyd are to remain with the business.
Souter Investments, the personal investment firm of transportation tycoon Sir Brian Souter, validated it had sold its 37% stake in Argent.
'Future capacity'
Mr Walker said the financial investment by John Swire underlined Argent's strong market position, including there was now a chance "to take Argent's abilities more afield".
Barnaby Swire, of John Swire, stated his company was devoted to "checking out and purchasing innovative and practical green markets".
He included: "We are pleased to be obtaining Argent Energy, a company which we believe can grow and prosper not just within the UK but likewise overseas, in specific in Asian markets with which Swire Group business recognize.
"John Swire & Sons Ltd sees in Argent Energy's a mix of characteristics and values that work with our own, and eagerly anticipate dealing with them to increase Argent Energy's future capacity."
Argent was established in 2001. In 2009 it was purchased by a consortium which consisted of senior management along with Souter Investments.
Its plant at Newarthill, near Motherwell, has the capacity 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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