Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a leader of massive commercial production of biodiesel in the UK, has been purchased 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 company will remain in personal ownership and will continue to run independently.
Its senior management, consisting of chairman Andy Hunter, handling director Jim Walker and monetary director Jim Boyd are to stay with the company.
Souter Investments, the personal investment firm of transport tycoon Sir Brian Souter, confirmed it had sold its 37% stake in Argent.
'Future potential'
Mr Walker said the financial investment by John Swire underlined Argent's strong market position, including there was now an opportunity "to take Argent's skills additional afield".
Barnaby Swire, of John Swire, said his business was devoted to "exploring and buying ingenious and viable green markets".
He included: "We are delighted to be acquiring Argent Energy, a business which we think can grow and flourish not just within the UK however also overseas, in particular in Asian markets with which Swire Group companies are familiar.
" & Sons Ltd sees in Argent Energy's staff members a mix of characteristics and worths that work with our own, and anticipate dealing 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 together with Souter Investments.
Its plant at Newarthill, near Motherwell, has the capacity to produce approximately 50 million litres of biodiesel a year.
Cooking oil to run buses in trial
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Argent Energy
Souter Investments
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Pioneering Biodiesel Producer Argent Energy Sold
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