Pioneering Biodiesel Producer Argent Energy Sold
Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of large-scale industrial production of biodiesel in the UK, has been bought by a green investment firm.
Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for a concealed amount.
Argent makes green road fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat market.
The firm will stay in personal ownership and will continue to run separately.
Its senior management, including chairman Andy Hunter, handling director Jim Walker and monetary director Jim Boyd are to remain with the company.
Souter Investments, the personal investment company of transport magnate Sir Brian Souter, confirmed it had actually offered its 37% stake in Argent.
'Future potential'
Mr Walker stated the investment by John Swire highlighted Argent's strong market position, adding there was now a chance "to take Argent's abilities more afield".
Barnaby Swire, of John Swire, stated his company was devoted to "checking out and investing in innovative and feasible green industries".
He included: "We are happy to be acquiring 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 staff members a mix of attributes and worths that are suitable with our own, and look forward to working with them to increase Argent Energy's future capacity."
Argent was developed 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 capability to produce as much as 50 million litres of biodiesel a year.
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