Pioneering biodiesel producer Argent Energy sold
23 July 2013
Argent Energy, a leader of massive business production of in the UK, has been bought by a green investment firm.
Argent, based near Motherwell, was offered 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 individually.
Its senior management, consisting of chairman Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to remain with the company.
Souter Investments, the personal investment company of transport magnate Sir Brian Souter, confirmed it had actually sold its 37% stake in Argent.
'Future potential'
Mr Walker said the investment by John Swire highlighted Argent's strong market position, including there was now a chance "to take Argent's abilities further afield".
Barnaby Swire, of John Swire, stated his business was dedicated to "checking out and buying ingenious and feasible green markets".
He included: "We are thrilled to be acquiring Argent Energy, a company which our company believe can grow and succeed not just 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 employees a mix of qualities and values that work with our own, and anticipate dealing with them to increase Argent Energy's future potential."
Argent was developed in 2001. In 2009 it was purchased by a consortium which consisted of senior management together with 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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