Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a leader of large-scale business production of biodiesel in the UK, has actually been bought by a green investment firm.
Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for an undisclosed amount.
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 separately.
Its senior management, including chairman Andy Hunter, managing director Jim Walker and monetary director Jim Boyd are to stay with the business.
Souter Investments, the private investment company of transportation magnate Sir Brian Souter, confirmed it had its 37% stake in Argent.
'Future potential'
Mr Walker said the investment by John Swire highlighted Argent's strong market position, including there was now an opportunity "to take Argent's abilities more afield".
Barnaby Swire, of John Swire, said his business was committed to "exploring and buying ingenious and viable green industries".
He added: "We are delighted to be getting Argent Energy, a company which we believe can grow and succeed not only within the UK but also overseas, in specific in Asian markets with which Swire Group companies recognize.
"John Swire & Sons Ltd sees in Argent Energy's employees a mix of characteristics and values that are suitable with our own, and look forward to dealing with them to maximise Argent Energy's future capacity."
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 capacity to produce approximately 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
monroecottman edited this page 2025-01-12 12:49:29 +03:00