Pioneering biodiesel manufacturer Argent Energy offered
23 July 2013
Argent Energy, a leader of large-scale industrial production of biodiesel in the UK, has actually been bought by a green financial investment company.
Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for an undisclosed amount.
Argent makes green road fuel by recycling wastes and residues such as used 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, handling director Jim Walker and financial director Jim Boyd are to remain with the company.
Souter Investments, the private investment company of transport magnate Sir Brian Souter, verified it had offered its 37% stake in Argent.
capacity'
Mr Walker said the financial investment by John Swire underlined Argent's strong market position, including there was now a chance "to take Argent's abilities further afield".
Barnaby Swire, of John Swire, said his business was devoted to "checking out and buying ingenious and viable green markets".
He added: "We are delighted to be acquiring Argent Energy, a company which our company believe can grow and flourish not only 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 staff members a mix of attributes and values that are compatible with our own, and eagerly 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
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