Pioneering biodiesel producer Argent Energy sold
23 July 2013
Argent Energy, a pioneer of large-scale 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 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 remain in personal ownership and will continue to run independently.
Its senior management, consisting of 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 Souter, validated it had 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 a chance "to take Argent's skills additional afield".
Barnaby Swire, of John Swire, said his company was devoted to "checking out and buying innovative and feasible green markets".
He included: "We are thrilled to be acquiring Argent Energy, a business which our company believe can grow and flourish not only within the UK but also overseas, in particular 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 compatible 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 purchased by a consortium which included 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
Souter Investments
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Pioneering Biodiesel Producer Argent Energy Sold
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