Pioneering biodiesel producer Argent Energy sold
23 July 2013
Argent Energy, a pioneer of large-scale commercial production of biodiesel in the UK, has been purchased by a green financial investment company.
Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for an undisclosed amount.
Argent makes green roadway fuel by recycling wastes and residues such as used cooking oil and tallow from the meat industry.
The company will remain in private ownership and will continue to run independently.
Its senior management, consisting of chairman Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to stay with the company.
Souter Investments, the personal financial investment business of transportation tycoon Sir Brian Souter, verified it had actually offered its 37% stake in Argent.
'Future potential'
Mr Walker said the by John Swire highlighted Argent's strong market position, adding there was now a chance "to take Argent's skills further afield".
Barnaby Swire, of John Swire, said his company was committed to "checking out and buying ingenious and practical green industries".
He added: "We are thrilled to be getting Argent Energy, a company which we believe can grow and succeed not just within the UK however also overseas, in specific in Asian markets with which Swire Group companies recognize.
"John Swire & Sons Ltd sees in Argent Energy's employees a mix of characteristics and worths that are compatible with our own, and anticipate working with them to maximise Argent Energy's future potential."
Argent was established 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 up to 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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