Pioneering biodiesel producer Argent Energy sold
23 July 2013
Argent Energy, a pioneer of large-scale industrial production of biodiesel in the UK, has actually been purchased by a green investment business.
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 firm will remain in personal ownership and will continue to run individually.
Its senior management, consisting of chairman Andy Hunter, managing director Jim Walker and financial Boyd are to stay with the business.
Souter Investments, the private investment firm of transport tycoon Sir Brian Souter, validated it had actually offered its 37% stake in Argent.
'Future capacity'
Mr Walker stated the financial investment by John Swire highlighted Argent's strong market position, adding there was now a chance "to take Argent's abilities additional afield".
Barnaby Swire, of John Swire, said his business was devoted to "exploring and purchasing innovative and feasible green industries".
He added: "We are thrilled to be acquiring Argent Energy, a company which our company believe can grow and succeed not just within the UK but likewise overseas, in specific in Asian markets with which Swire Group companies are familiar.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of qualities and worths that work with our own, and eagerly anticipate dealing with them to increase Argent Energy's future capacity."
Argent was established in 2001. In 2009 it was bought by a consortium which included senior management along with Souter Investments.
Its plant at Newarthill, near Motherwell, has the capacity 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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