Pioneering biodiesel manufacturer Argent Energy sold
23 July 2013
Argent Energy, a pioneer of massive business production of in the UK, has been bought by a green financial investment business.
Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for an undisclosed 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 separately.
Its senior management, consisting of chairman Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to stay with the business.
Souter Investments, the personal financial investment company of transportation magnate Sir Brian Souter, verified it had offered its 37% stake in Argent.
'Future capacity'
Mr Walker said the financial investment by John Swire highlighted Argent's strong market position, adding 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 feasible green industries".
He included: "We are happy to be getting Argent Energy, a company which we think can grow and flourish not only within the UK however likewise overseas, in specific in Asian markets with which Swire Group companies recognize.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of attributes and worths that are suitable with our own, and anticipate working with them to increase Argent Energy's future potential."
Argent was established in 2001. In 2009 it was purchased by a consortium that included senior management together with Souter Investments.
Its plant at Newarthill, near Motherwell, has the capability to produce up to 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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