Pioneering biodiesel manufacturer offered
23 July 2013
Argent Energy, a pioneer of large-scale industrial production of biodiesel in the UK, has actually 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 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 private ownership and will continue to run separately.
Its senior management, consisting of chairman Andy Hunter, managing director Jim Walker and monetary director Jim Boyd are to remain with the business.
Souter Investments, the private financial investment business of transportation magnate Sir Brian Souter, verified it had offered its 37% stake in Argent.
'Future capacity'
Mr Walker stated the financial investment by John Swire underlined Argent's strong market position, adding there was now a chance "to take Argent's abilities additional afield".
Barnaby Swire, of John Swire, stated his company was committed to "checking out and purchasing ingenious and viable green markets".
He added: "We are thrilled to be acquiring Argent Energy, a business which our company believe can grow and flourish not just 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 workers a mix of characteristics and values that work with our own, and look forward to dealing with them to maximise Argent Energy's future capacity."
Argent was established in 2001. In 2009 it was purchased 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
Anthony Butz edited this page 2025-01-11 14:13:37 +00:00