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 green road fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat industry.
The firm will remain in personal ownership and will continue to run individually.
Its senior management, including chairman Andy Hunter, handling director Jim Walker and monetary director Jim Boyd are to remain with the company.
Souter Investments, the firm of transport tycoon Sir Brian Souter, verified it had sold its 37% stake in Argent.
'Future capacity'
Mr Walker stated the financial investment by John Swire highlighted Argent's strong market position, adding there was now an opportunity "to take Argent's abilities more afield".
Barnaby Swire, of John Swire, said his business was committed to "checking out and investing in ingenious and practical green markets".
He added: "We are happy to be getting Argent Energy, a business which our company believe can grow and prosper not just within the UK but also overseas, in specific in Asian markets with which Swire Group companies are familiar.
"John Swire & Sons Ltd sees in Argent Energy's staff members 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 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 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
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