Pioneering biodiesel manufacturer Argent Energy sold
23 July 2013
Argent Energy, a leader of massive commercial production of biodiesel in the UK, has been purchased by a green investment firm.
Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for a concealed sum.
Argent makes green road fuel by recycling wastes and residues such as used and tallow from the meat industry.
The firm will remain in private ownership and will continue to run individually.
Its senior management, consisting of chairman Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to remain with the business.
Souter Investments, the personal investment firm of transportation magnate Sir Brian Souter, confirmed it had sold its 37% stake in Argent.
'Future capacity'
Mr Walker said the investment by John Swire underlined Argent's strong market position, including there was now a chance "to take Argent's skills more afield".
Barnaby Swire, of John Swire, said his company was committed to "exploring and buying innovative and practical green markets".
He included: "We are happy to be getting Argent Energy, a company which our company believe can grow and flourish not only within the UK however also overseas, in specific in Asian markets with which Swire Group companies are familiar.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of qualities and values that work with our own, and anticipate working with them to increase Argent Energy's future capacity."
Argent was developed 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 capacity to produce up to 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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