Pioneering biodiesel producer sold
23 July 2013
Argent Energy, a leader of large-scale commercial production of biodiesel in the UK, has actually been purchased by a green financial investment business.
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 industry.
The firm 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 transportation magnate Sir Brian Souter, confirmed it had actually sold its 37% stake in Argent.
'Future capacity'
Mr Walker said the financial investment by John Swire highlighted Argent's strong market position, including there was now an opportunity "to take Argent's skills further afield".
Barnaby Swire, of John Swire, stated his business was committed to "exploring and purchasing innovative and practical green markets".
He added: "We are pleased to be getting Argent Energy, a business which we think can grow and prosper not just within the UK however likewise overseas, in specific in Asian markets with which Swire Group business 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 working with them to maximise Argent Energy's future potential."
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 capacity to produce approximately 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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