Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a leader of large-scale industrial production of biodiesel in the UK, has been bought by a green financial investment company.
Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for an undisclosed sum.
Argent makes green road fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat industry.
The company will remain in personal ownership and will continue to run independently.
Its senior management, consisting of chairman Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to remain with the company.
Souter Investments, the private investment firm of Sir Brian Souter, verified it had sold its 37% stake in Argent.
'Future capacity'
Mr Walker said the financial investment by John Swire underlined Argent's strong market position, including there was now an opportunity "to take Argent's skills additional afield".
Barnaby Swire, of John Swire, said his business was devoted to "checking out and buying innovative and practical green industries".
He included: "We are thrilled to be getting Argent Energy, a business which our company believe can grow and succeed not only within the UK however also overseas, in particular in Asian markets with which Swire Group companies are familiar.
"John Swire & Sons Ltd sees in Argent Energy's employees a mix of characteristics and worths that are suitable with our own, and look forward to dealing with them to maximise Argent Energy's future potential."
Argent was developed in 2001. In 2009 it was purchased by a consortium which included senior management along with Souter Investments.
Its plant at Newarthill, near Motherwell, has the capacity to produce as much as 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
Birgit Reading edited this page 2025-01-14 09:31:18 +08:00