Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a leader of large-scale business production of biodiesel in the UK, has actually been bought by a green investment business.
Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for a concealed sum.
Argent makes green road fuel by recycling wastes and residues such as used cooking oil and tallow from the meat industry.
The firm will stay in personal ownership and will continue to run independently.
Its senior management, consisting of chairman Andy Hunter, handling director Jim Walker and monetary director Jim Boyd are to remain with the business.
Souter Investments, the private financial investment business of transport tycoon Sir Brian Souter, validated it had sold its 37% stake in Argent.
'Future potential'
Mr Walker stated the financial investment by underlined Argent's strong market position, including there was now an opportunity "to take Argent's abilities additional afield".
Barnaby Swire, of John Swire, said his company was devoted to "exploring and buying ingenious and feasible green industries".
He added: "We are happy to be getting Argent Energy, a business which our company believe can grow and prosper not only within the UK however also overseas, in specific in Asian markets with which Swire Group companies recognize.
"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of characteristics and worths that are suitable with our own, and eagerly anticipate working with them to increase Argent Energy's future potential."
Argent was developed 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 capability to produce as much as 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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