Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of large-scale industrial 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 a concealed amount.
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 private ownership and will continue to run individually.
Its senior management, consisting of chairman Andy Hunter, handling director Jim Walker and monetary director Jim Boyd are to remain with the company.
Souter Investments, the private investment firm of transport magnate Sir Brian Souter, validated it had offered its 37% stake in Argent.
'Future capacity'
Mr Walker stated the financial investment by John Swire highlighted Argent's strong market position, including there was now an opportunity "to take Argent's abilities additional afield".
Barnaby Swire, of John Swire, stated his business was devoted to "checking out and buying innovative and viable green markets".
He added: "We are pleased to be acquiring Argent Energy, a company which our company believe can grow and prosper not only within the UK however also overseas, in specific in Asian markets with which Swire Group companies are familiar.
" & Sons Ltd sees in Argent Energy's employees a mix of attributes 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 which consisted of senior management in addition to Souter Investments.
Its plant at Newarthill, near Motherwell, has the capacity to produce as much as 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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