Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of massive commercial production of biodiesel in the UK, has been purchased by a firm.
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 used cooking oil and tallow from the meat market.
The company will remain in private ownership and will continue to run individually.
Its senior management, including chairman Andy Hunter, handling director Jim Walker and financial director Jim Boyd are to remain with the company.
Souter Investments, the personal investment firm of transportation tycoon Sir Brian Souter, confirmed it had actually offered its 37% stake in Argent.
'Future potential'
Mr Walker said the investment by John Swire underlined Argent's strong market position, including there was now an opportunity "to take Argent's abilities additional afield".
Barnaby Swire, of John Swire, stated his company was committed to "checking out and buying ingenious and viable green markets".
He included: "We are pleased to be obtaining Argent Energy, a company 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 recognize.
"John Swire & Sons Ltd sees in Argent Energy's employees a mix of attributes and worths that work with our own, and eagerly anticipate dealing 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 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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