Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of massive industrial production of biodiesel in the UK, has been bought by a green investment firm.
Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for an undisclosed sum.
Argent makes green road fuel by recycling wastes and residues such as used cooking oil and tallow from the meat industry.
The will remain in private ownership and will continue to run independently.
Its senior management, including chairman Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to remain with the company.
Souter Investments, the private investment firm of transportation magnate Sir Brian Souter, verified it had offered its 37% stake in Argent.
'Future potential'
Mr Walker stated the investment by John Swire highlighted Argent's strong market position, including there was now an opportunity "to take Argent's skills further afield".
Barnaby Swire, of John Swire, said his business was devoted to "exploring and buying innovative and feasible green markets".
He added: "We are delighted to be obtaining Argent Energy, a business which we believe can grow and prosper not only within the UK but also overseas, in particular in Asian markets with which Swire Group companies recognize.
"John Swire & Sons Ltd sees in Argent Energy's employees a mix of attributes and values that are suitable with our own, and look forward to dealing with them to maximise Argent Energy's future potential."
Argent was established in 2001. In 2009 it was purchased by a consortium that included senior management together with Souter Investments.
Its plant at Newarthill, near Motherwell, has the capability to produce up to 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
Ervin Rounds edited this page 2025-01-11 13:07:20 -06:00