Pioneering biodiesel manufacturer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of large-scale commercial production of biodiesel in the UK, has been purchased by a green financial investment company.
Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for a concealed amount.
Argent makes fuel by recycling wastes and residues such as used cooking oil and tallow from the meat market.
The firm will remain in personal ownership and will continue to run separately.
Its senior management, including chairman Andy Hunter, managing director Jim Walker and monetary director Jim Boyd are to stay with the business.
Souter Investments, the personal investment firm of transportation magnate Sir Brian Souter, verified it had actually offered its 37% stake in Argent.
'Future capacity'
Mr Walker said the financial investment by John Swire highlighted Argent's strong market position, adding there was now an opportunity "to take Argent's skills further afield".
Barnaby Swire, of John Swire, said his company was committed to "exploring and purchasing ingenious and viable green industries".
He included: "We are pleased to be getting Argent Energy, a business which our company believe can grow and flourish not just within the UK however also overseas, in specific in Asian markets with which Swire Group business recognize.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of characteristics and values that work with our own, and anticipate dealing with them to increase Argent Energy's future potential."
Argent was established in 2001. In 2009 it was bought by a consortium which consisted of 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.
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Pioneering Biodiesel Producer Argent Energy Sold
Mahalia Rowley edited this page 2025-01-13 22:34:17 +08:00