Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of large-scale commercial production of biodiesel in the UK, has actually been purchased by a green investment firm.
Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for a concealed amount.
Argent makes green roadway fuel by recycling wastes and residues such as used cooking oil and tallow from the meat market.
The firm will remain in private ownership and will continue to run individually.
Its senior management, Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to stay with the business.
Souter Investments, the personal investment company of transportation tycoon Sir Brian Souter, verified it had sold its 37% stake in Argent.
'Future potential'
Mr Walker said the financial investment by John Swire underlined Argent's strong market position, adding there was now a chance "to take Argent's skills additional afield".
Barnaby Swire, of John Swire, stated his business was committed to "checking out and purchasing ingenious and feasible green industries".
He added: "We are happy to be acquiring Argent Energy, a company which we think can grow and prosper not just within the UK however likewise overseas, in particular in Asian markets with which Swire Group companies are familiar.
"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of attributes and values that are suitable with our own, and look forward to working with them to maximise Argent Energy's future potential."
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 capacity to produce approximately 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
Trey Winder edited this page 2025-01-18 11:34:55 +08:00