Pioneering biodiesel producer Argent Energy sold
23 July 2013
Argent Energy, a leader of massive business production of biodiesel in the UK, has been bought 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 utilized cooking oil and tallow from the meat industry.
The company will remain in private ownership and will continue to run individually.
Its senior management, consisting of chairman Andy Hunter, handling director Jim Walker and financial director Jim Boyd are to stay with the business.
Souter Investments, the private investment firm of transport magnate Sir Brian Souter, verified it had actually sold its 37% stake in Argent.
'Future potential'
Mr Walker stated the investment by John Swire highlighted Argent's strong market position, adding there was now an opportunity "to take Argent's skills more afield".
Barnaby Swire, of John Swire, stated his company was committed to "exploring and investing in innovative and viable green industries".
He added: "We are delighted to be obtaining Argent Energy, a company which we believe can grow and flourish not only within the UK however also overseas, in specific in Asian markets with which Swire Group companies are familiar.
" & Sons Ltd sees in Argent Energy's staff members a mix of qualities and worths that work with our own, and eagerly anticipate working with them to maximise Argent Energy's future capacity."
Argent was established in 2001. In 2009 it was purchased by a consortium that included senior management along with Souter Investments.
Its plant at Newarthill, near Motherwell, has the capacity to produce up to 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
Gladys Dullo edited this page 7 days ago