Pioneering biodiesel manufacturer Argent Energy sold
23 July 2013
Argent Energy, a pioneer of massive business production of biodiesel in the UK, has been bought by a green investment business.
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 utilized cooking oil and tallow from the meat industry.
The company will remain in private ownership and will continue to run independently.
Its senior management, including chairman Andy Hunter, handling director Jim Walker and financial director Jim Boyd are to remain with the company.
Souter Investments, the firm of transport tycoon Sir Brian Souter, confirmed it had offered its 37% stake in Argent.
'Future capacity'
Mr Walker stated the financial investment by John Swire underlined Argent's strong market position, including there was now an opportunity "to take Argent's skills more afield".
Barnaby Swire, of John Swire, stated his company was devoted to "exploring and investing in ingenious and viable green markets".
He included: "We are pleased to be acquiring Argent Energy, a business which our company believe can grow and succeed 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 workers a mix of characteristics and worths that work with our own, and look forward to dealing with them to increase Argent Energy's future potential."
Argent was developed in 2001. In 2009 it was bought by a consortium which included senior management in addition to 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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Argent Energy
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Pioneering Biodiesel Producer Argent Energy Sold
Julissa Kornweibel edited this page 2025-01-13 18:23:39 +08:00