Pioneering biodiesel producer Argent Energy sold
23 July 2013
Argent Energy, a pioneer of massive commercial production of biodiesel in the UK, has been purchased by a green investment firm.
Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for a concealed sum.
Argent makes green roadway fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat industry.
The company will remain in 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 personal investment business of transportation magnate Sir Brian Souter, confirmed it had actually offered its 37% stake in Argent.
'Future capacity'
Mr Walker said the investment by John Swire highlighted Argent's strong market position, including there was now a chance "to take Argent's skills additional afield".
Barnaby Swire, of John Swire, stated his company was dedicated to "checking out and investing in innovative and feasible green industries".
He added: "We are happy to be obtaining Argent Energy, a company which our company believe can grow and prosper not only within the UK but also overseas, in particular in Asian markets with which Swire Group business recognize.
"John Swire & Sons Ltd sees in Argent Energy's employees a mix of qualities 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 purchased 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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Pioneering Biodiesel Producer Argent Energy Sold
Verlene Jull edited this page 2025-01-11 23:28:37 +00:00