Pioneering biodiesel manufacturer Argent Energy sold
23 July 2013
Argent Energy, a leader of massive commercial production of biodiesel in the UK, has been bought by a green investment firm.
Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for a concealed sum.
Argent makes green roadway fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat market.
The company will remain in private ownership and will continue to run independently.
Its senior management, consisting of Hunter, managing director Jim Walker and financial director Jim Boyd are to stay with the business.
Souter Investments, the private investment firm of transport magnate Sir Brian Souter, validated it had actually offered 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 an opportunity "to take Argent's skills more afield".
Barnaby Swire, of John Swire, stated his company was dedicated to "exploring and buying ingenious and feasible green markets".
He added: "We are thrilled to be getting Argent Energy, a company which our company believe can grow and flourish 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 staff members a mix of characteristics and values that are compatible with our own, and look forward to working with them to maximise Argent Energy's future potential."
Argent was developed in 2001. In 2009 it was bought by a consortium that included senior management in addition to Souter Investments.
Its plant at Newarthill, near Motherwell, has the capacity 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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