Pioneering biodiesel producer Argent Energy sold
23 July 2013
Argent Energy, a leader of massive business production of biodiesel 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 a concealed sum.
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 private ownership and will continue to run separately.
Its senior management, including chairman Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to stay with the company.
Souter Investments, the private investment firm of transportation tycoon Sir Brian Souter, validated it had actually offered its 37% stake in Argent.
'Future capacity'
Mr Walker said the by John Swire highlighted Argent's strong market position, adding there was now a chance "to take Argent's abilities additional afield".
Barnaby Swire, of John Swire, said his business was devoted to "exploring and purchasing innovative and viable green industries".
He included: "We are happy to be acquiring Argent Energy, a business which we believe can grow and prosper not only within the UK but likewise overseas, in particular in Asian markets with which Swire Group business recognize.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of qualities and worths that work with our own, and anticipate working with them to increase Argent Energy's future potential."
Argent was developed in 2001. In 2009 it was purchased by a consortium that included senior management in addition to Souter Investments.
Its plant at Newarthill, near Motherwell, has the capability to produce up to 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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