Pioneering biodiesel manufacturer offered
23 July 2013
Argent Energy, a pioneer of large-scale industrial production of biodiesel in the UK, has been purchased by a green financial investment business.
Argent, based near Motherwell, was offered 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 utilized cooking oil and tallow from the meat market.
The company will stay 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 transport tycoon Sir Brian Souter, confirmed it had actually 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 skills more afield".
Barnaby Swire, of John Swire, said his company was devoted to "checking out and investing in innovative and feasible green markets".
He added: "We are thrilled to be obtaining Argent Energy, a business which we think can grow and flourish not only within the UK however also overseas, in particular in Asian markets with which Swire Group companies recognize.
"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of characteristics and values that are suitable with our own, and anticipate working with them to increase Argent Energy's future capacity."
Argent was established 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 capability 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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