Pioneering biodiesel producer Argent Energy sold
23 July 2013
Argent Energy, a pioneer of massive business production of biodiesel in the UK, has been bought by a firm.
Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for an undisclosed amount.
Argent makes green road fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat industry.
The company will stay in private ownership and will continue to run independently.
Its senior management, including chairman Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to stay with the business.
Souter Investments, the personal investment firm of transport tycoon Sir Brian Souter, confirmed it had offered its 37% stake in Argent.
'Future capacity'
Mr Walker said the investment by John Swire highlighted Argent's strong market position, including there was now a chance "to take Argent's abilities further afield".
Barnaby Swire, of John Swire, said his business was devoted to "checking out and purchasing ingenious and practical green markets".
He included: "We are pleased to be obtaining Argent Energy, a business which we believe can grow and prosper not only within the UK but also overseas, in specific in Asian markets with which Swire Group business recognize.
"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of characteristics and values that work with our own, and look forward to dealing with them to maximise Argent Energy's future potential."
Argent was established in 2001. In 2009 it was bought by a consortium which consisted of senior management in addition to Souter Investments.
Its plant at Newarthill, near Motherwell, has the capability to produce approximately 50 million litres of biodiesel a year.
Cooking oil to run buses in trial
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Argent Energy
Souter Investments
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Pioneering Biodiesel Producer Argent Energy Sold
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