Pioneering biodiesel manufacturer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of large-scale business production of biodiesel in the UK, has actually been bought by a green investment business.
Argent, based near Motherwell, was offered to a of London-based John Swire & Sons for an undisclosed sum.
Argent makes green road fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat industry.
The company will stay in private ownership and will continue to run individually.
Its senior management, including chairman Andy Hunter, managing director Jim Walker and monetary director Jim Boyd are to stay with the business.
Souter Investments, the personal investment firm of transportation magnate Sir Brian Souter, confirmed it had offered its 37% stake in Argent.
'Future potential'
Mr Walker stated the investment by John Swire highlighted Argent's strong market position, adding there was now a chance "to take Argent's abilities more afield".
Barnaby Swire, of John Swire, said his business was committed to "checking out and investing in innovative and practical green markets".
He included: "We are delighted to be getting Argent Energy, a business which we believe can grow and flourish not just within the UK however likewise overseas, in particular 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 are suitable with our own, and look forward to working with them to maximise Argent Energy's future potential."
Argent was developed in 2001. In 2009 it was bought by a consortium which consisted of 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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Pioneering Biodiesel Producer Argent Energy Sold
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