Pioneering biodiesel manufacturer Argent Energy sold
23 July 2013
Argent Energy, a pioneer of massive industrial 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 roadway fuel by recycling wastes and residues such as used cooking oil and tallow from the meat industry.
The company will stay in personal ownership and will to run separately.
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 actually offered its 37% stake in Argent.
'Future capacity'
Mr Walker stated the investment by John Swire highlighted Argent's strong market position, including there was now an opportunity "to take Argent's skills more afield".
Barnaby Swire, of John Swire, said his business was committed to "checking out and investing in innovative and feasible green industries".
He added: "We are happy to be acquiring Argent Energy, a company which our company believe can grow and prosper 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 qualities and worths that are suitable with our own, and eagerly anticipate working with them to maximise Argent Energy's future capacity."
Argent was established in 2001. In 2009 it was bought by a consortium that included senior management along 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
Layla Angles edited this page 2025-01-12 03:55:04 +08:00