Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a leader of large-scale business production of in the UK, has actually been bought by a green investment business.
Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for an undisclosed amount.
Argent makes green road fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat market.
The firm will remain in private ownership and will continue to run individually.
Its senior management, including chairman Andy Hunter, handling director Jim Walker and monetary director Jim Boyd are to remain with the business.
Souter Investments, the personal investment firm of transport magnate Sir Brian Souter, validated it had actually offered its 37% stake in Argent.
'Future potential'
Mr Walker said the financial investment by John Swire highlighted Argent's strong market position, adding there was now a chance "to take Argent's skills more afield".
Barnaby Swire, of John Swire, said his business was dedicated to "checking out and purchasing ingenious and practical green industries".
He included: "We are pleased to be acquiring Argent Energy, a business which we think can grow and prosper not only within the UK however likewise overseas, in specific in Asian markets with which Swire Group business are familiar.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of qualities and values that are suitable with our own, and anticipate dealing with them to maximise 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 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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