Pioneering biodiesel manufacturer Argent Energy sold
23 July 2013
Argent Energy, a pioneer of large-scale commercial 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 an undisclosed sum.
Argent makes green roadway fuel by recycling wastes and residues such as used 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 chairman Andy Hunter, handling director Jim Walker and monetary director Jim Boyd are to remain with the business.
Souter Investments, the personal investment firm of transportation tycoon Sir Brian Souter, verified it had sold its 37% stake in Argent.
'Future potential'
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".
Swire, of John Swire, stated his business was dedicated to "checking out and purchasing ingenious and viable green markets".
He included: "We are happy to be acquiring Argent Energy, a business 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 recognize.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of characteristics and worths that are compatible with our own, and anticipate dealing with them to increase Argent Energy's future capacity."
Argent was established in 2001. In 2009 it was bought by a consortium that included 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
Evie Speer edited this page 5 months ago