Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of massive commercial production of biodiesel in the UK, has been bought by a green investment firm.
Argent, based near Motherwell, was offered 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 industry.
The company will stay in personal ownership and will continue to run independently.
Its senior management, including chairman Andy Hunter, Jim Walker and monetary director Jim Boyd are to stay with the company.
Souter Investments, the personal financial investment company of transport tycoon Sir Brian Souter, validated it had actually offered its 37% stake in Argent.
'Future potential'
Mr Walker said the investment by John Swire underlined Argent's strong market position, including there was now an opportunity "to take Argent's abilities more afield".
Barnaby Swire, of John Swire, stated his business was dedicated to "exploring and purchasing innovative and feasible green industries".
He added: "We are happy to be acquiring Argent Energy, a company which our company believe can grow and succeed not just within the UK however also 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 are compatible with our own, and look forward to dealing with them to increase Argent Energy's future capacity."
Argent was established in 2001. In 2009 it was purchased by a consortium which consisted of senior management together 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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Pioneering Biodiesel Producer Argent Energy Sold
Antonio Wedding edited this page 2025-01-18 16:42:56 +08:00