Pioneering Biodiesel Producer Argent Energy Sold
Pioneering biodiesel manufacturer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of massive commercial production of biodiesel in the UK, has been purchased by a green investment 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 remain in personal ownership and will continue to run independently.
Its senior management, consisting of chairman Andy Hunter, managing director Jim Walker and monetary director Jim Boyd are to stay with the company.
Souter Investments, the personal investment company of transport magnate Sir Brian Souter, confirmed it had sold its 37% stake in Argent.
'Future capacity'
Mr Walker stated the financial investment by John Swire highlighted market position, adding there was now a chance "to take Argent's abilities additional afield".
Barnaby Swire, of John Swire, said his business was committed to "checking out and investing in ingenious and feasible green markets".
He included: "We are delighted to be getting Argent Energy, a business which our company believe can grow and flourish not just within the UK however likewise overseas, in specific in Asian markets with which Swire Group business recognize.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of attributes and values that are compatible with our own, and anticipate working with them to maximise Argent Energy's future capacity."
Argent was developed in 2001. In 2009 it was bought by a consortium which included senior management together with 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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