Pioneering biodiesel manufacturer offered
23 July 2013
Argent Energy, a leader of large-scale commercial production of biodiesel in the UK, has been purchased by a green investment business.
Argent, based near Motherwell, was offered 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 market.
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 monetary director Jim Boyd are to remain with the company.
Souter Investments, the personal financial investment company of transport tycoon Sir Brian Souter, verified it had sold its 37% stake in Argent.
'Future capacity'
Mr Walker said the investment by John Swire underlined Argent's strong market position, including there was now a chance "to take Argent's skills more afield".
Barnaby Swire, of John Swire, said his company was committed to "exploring and purchasing innovative and feasible green industries".
He added: "We are pleased to be acquiring Argent Energy, a business which we believe can grow and prosper not only 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 employees a mix of qualities and worths that are suitable with our own, and look forward to dealing with them to increase Argent Energy's future capacity."
Argent was established in 2001. In 2009 it was bought by a consortium which included senior management along 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
Verona Demarco edited this page 2025-01-13 00:29:20 +00:00