Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of large-scale commercial 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 an undisclosed sum.
Argent makes green roadway fuel by recycling wastes and residues such as used cooking oil and tallow from the meat industry.
The company will remain in private ownership and will continue to run independently.
Its senior management, consisting of chairman Andy Hunter, handling director Jim Walker and monetary director are to stay with the company.
Souter Investments, the personal financial investment company of transportation tycoon Sir Brian Souter, verified it had actually 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 additional afield".
Barnaby Swire, of John Swire, stated his business was committed to "checking out and purchasing innovative and viable green markets".
He included: "We are delighted to be obtaining Argent Energy, a business which our company believe can grow and prosper not just within the UK however also overseas, in particular in Asian markets with which Swire Group companies recognize.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of characteristics and values that work with our own, and anticipate working with them to increase Argent Energy's future capacity."
Argent was established in 2001. In 2009 it was bought by a consortium that included 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
Demetria Dehaven edited this page 2025-01-12 14:37:16 +08:00