Pioneering biodiesel manufacturer 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 business.
Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for a concealed sum.
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 private 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 remain with the company.
Souter Investments, the private investment business of transportation magnate Sir Brian Souter, validated it had sold its 37% stake in Argent.
'Future capacity'
Mr Walker stated the investment by John Swire highlighted Argent's strong market position, including there was now an opportunity "to take Argent's abilities more afield".
Barnaby Swire, of John Swire, stated his company was committed to "exploring and buying innovative and feasible green markets".
He included: "We are happy to be obtaining Argent Energy, a business which we believe can grow and flourish not only within the UK but also overseas, in specific in Asian markets with which Swire Group companies recognize.
"John Swire & Sons Ltd sees in staff members a mix of characteristics and worths 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 bought by a consortium which consisted of senior management in addition to Souter Investments.
Its plant at Newarthill, near Motherwell, has the capability to produce as much as 50 million litres of biodiesel a year.
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Argent Energy
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Pioneering Biodiesel Producer Argent Energy Sold
Britt Delatte edited this page 2025-01-17 22:52:35 +01:00