Pioneering biodiesel manufacturer Argent Energy offered
23 July 2013
Argent Energy, a leader of massive industrial production of biodiesel in the UK, has actually been purchased by a green investment business.
Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for an undisclosed sum.
Argent makes green roadway fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat industry.
The firm will remain in personal ownership and will continue to run separately.
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 transportation tycoon Sir Brian Souter, confirmed it had offered its 37% stake in Argent.
'Future capacity'
Mr Walker stated the investment by John Swire underlined Argent's strong market position, adding there was now an "to take Argent's abilities additional afield".
Barnaby Swire, of John Swire, said his business was devoted to "exploring and investing in ingenious and viable green industries".
He included: "We are pleased to be getting Argent Energy, a business which our company believe can grow and succeed 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 Argent Energy's workers a mix of qualities and worths that are compatible with our own, and eagerly anticipate working with them to increase Argent Energy's future capacity."
Argent was developed in 2001. In 2009 it was bought by a consortium which consisted of senior management along with Souter Investments.
Its plant at Newarthill, near Motherwell, has the capability to produce approximately 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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