Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of large-scale commercial production of biodiesel in the UK, has been bought by a green investment business.
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 firm will remain in personal ownership and will continue to run .
Its senior management, including chairman Andy Hunter, handling director Jim Walker and monetary director Jim Boyd are to stay with the company.
Souter Investments, the private financial investment business of transportation magnate Sir Brian Souter, verified it had actually offered 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 an opportunity "to take Argent's skills additional afield".
Barnaby Swire, of John Swire, said his company was dedicated to "exploring and purchasing ingenious and feasible green industries".
He added: "We are delighted to be acquiring Argent Energy, a company which our company believe can grow and flourish not only within the UK but also overseas, in specific in Asian markets with which Swire Group companies are familiar.
"John Swire & Sons Ltd sees in Argent Energy's staff members 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 developed in 2001. In 2009 it was purchased by a consortium that included senior management in addition to 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
Drusilla Martindale edited this page 2025-01-12 10:22:15 +01:00