Pioneering biodiesel producer Argent Energy sold
23 July 2013
Argent Energy, a leader of large-scale commercial production of biodiesel in the UK, has actually been bought by a green financial investment company.
Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for a concealed amount.
Argent makes green roadway fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat market.
The firm will remain in personal ownership and will continue to run individually.
Its senior management, including chairman Andy Hunter, handling director Jim Walker and financial director Jim Boyd are to stay with the .
Souter Investments, the personal financial investment company of transportation magnate Sir Brian Souter, confirmed it had sold its 37% stake in Argent.
'Future capacity'
Mr Walker said the investment by John Swire underlined Argent's strong market position, adding there was now a chance "to take Argent's skills additional afield".
Barnaby Swire, of John Swire, stated his business was devoted to "exploring and investing in ingenious and viable green industries".
He added: "We are pleased to be acquiring Argent Energy, a company which our company believe can grow and prosper not only within the UK but also overseas, in particular in Asian markets with which Swire Group companies are familiar.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of attributes and worths that work with our own, and eagerly anticipate dealing with them to increase Argent Energy's future potential."
Argent was established in 2001. In 2009 it was bought by a consortium which included senior management in addition to 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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Argent Energy
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Pioneering Biodiesel Producer Argent Energy Sold
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