Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a leader of massive business production of biodiesel in the UK, has actually been bought by a green investment firm.
Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for a concealed sum.
Argent makes green road fuel by recycling wastes and residues such as used cooking oil and tallow from the meat industry.
The firm will remain in and will continue to run independently.
Its senior management, including chairman Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to remain with the company.
Souter Investments, the private financial investment company of transportation magnate Sir Brian Souter, confirmed it had sold its 37% stake in Argent.
'Future capacity'
Mr Walker stated the financial investment by John Swire highlighted Argent's strong market position, adding there was now an opportunity "to take Argent's abilities more afield".
Barnaby Swire, of John Swire, said his business was dedicated to "exploring and investing in ingenious and practical green markets".
He added: "We are thrilled to be acquiring Argent Energy, a business which our company believe can grow and succeed not just within the UK but likewise overseas, in specific in Asian markets with which Swire Group companies are familiar.
"John Swire & Sons Ltd sees in Argent Energy's employees a mix of attributes and worths that work with our own, and anticipate dealing 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 capacity to produce approximately 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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