Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a leader of large-scale commercial production of biodiesel in the UK, has actually been bought by a green financial investment company.
Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for an undisclosed sum.
Argent makes green road fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat industry.
The firm will remain in private ownership and will continue to run separately.
Its senior management, including chairman Andy Hunter, handling director Jim Walker and financial director Jim Boyd are to stay with the business.
Souter Investments, the private investment firm of transport tycoon Sir Brian Souter, confirmed it had sold its 37% stake in Argent.
'Future capacity'
Mr the investment by John Swire highlighted Argent's strong market position, including there was now an opportunity "to take Argent's abilities further afield".
Barnaby Swire, of John Swire, said his business was dedicated to "exploring and buying innovative and feasible green industries".
He included: "We are happy to be obtaining Argent Energy, a company which our company believe can grow and flourish not just within the UK however also overseas, in specific in Asian markets with which Swire Group companies recognize.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of attributes and worths that are suitable with our own, and look forward to working with them to maximise Argent Energy's future capacity."
Argent was established in 2001. In 2009 it was bought by a consortium that included senior management together 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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