Pioneering biodiesel manufacturer Argent Energy offered
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 utilized cooking oil and tallow from the meat market.
The company will remain in personal ownership and will continue to run individually.
Its senior management, including chairman Andy Hunter, managing director Jim Walker and financial director are to stay with the company.
Souter Investments, the personal financial investment company of transport tycoon Sir Brian Souter, verified it had offered its 37% stake in Argent.
'Future potential'
Mr Walker stated the financial investment by John Swire underlined Argent's strong market position, adding there was now a chance "to take Argent's abilities more afield".
Barnaby Swire, of John Swire, stated his company was committed to "exploring and buying innovative and viable green industries".
He added: "We are happy to be acquiring Argent Energy, a company which we think can grow and flourish not just within the UK however likewise overseas, in particular in Asian markets with which Swire Group business are familiar.
"John Swire & Sons Ltd sees in Argent Energy's workers 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 developed in 2001. In 2009 it was purchased by a consortium that included senior management together with Souter Investments.
Its plant at Newarthill, near Motherwell, has the capability to produce approximately 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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