Pioneering biodiesel producer Argent Energy sold
23 July 2013
Argent Energy, a pioneer of massive commercial production of biodiesel in the UK, has actually been bought by a green financial investment business.
Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for an undisclosed amount.
Argent makes green roadway fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat industry.
The company will remain in private ownership and will continue to run individually.
Its senior management, including chairman Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to stay with the business.
Souter Investments, the private investment firm of transportation magnate Sir Brian Souter, it had actually sold its 37% stake in Argent.
'Future capacity'
Mr Walker stated the financial investment by John Swire underlined Argent's strong market position, adding there was now an opportunity "to take Argent's skills more afield".
Barnaby Swire, of John Swire, stated his business was committed to "checking out and buying innovative and feasible green markets".
He added: "We are pleased to be obtaining Argent Energy, a company which our company believe can grow and prosper not only within the UK but also 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 characteristics and values that work with our own, and look forward to dealing with them to increase Argent Energy's future capacity."
Argent was developed in 2001. In 2009 it was purchased by a consortium which consisted of senior management in addition to Souter Investments.
Its plant at Newarthill, near Motherwell, has the capability to produce up to 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
wilfredlapoint edited this page 2025-01-12 06:23:23 +09:00