Pioneering Biodiesel Producer Argent Energy Sold
Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of massive business production of biodiesel in the UK, has been 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 used cooking oil and tallow from the meat market.
The company will stay in private ownership 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 business.
Souter Investments, the private investment firm of transport tycoon Sir Brian Souter, confirmed it had offered its 37% stake in Argent.
'Future potential'
Mr Walker stated the investment by John Swire underlined Argent's strong market position, adding there was now a chance "to take Argent's abilities further afield".
Barnaby Swire, of John Swire, said his business was dedicated to "exploring and purchasing ingenious and practical green industries".
He included: "We are thrilled to be obtaining Argent Energy, a company which our company believe can grow and flourish not only within the UK however likewise 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 worths that work with our own, and eagerly anticipate dealing with them to increase Argent Energy's future capacity."
Argent was developed in 2001. In 2009 it was bought by a consortium which consisted of senior management along with Souter Investments.
Its plant at Newarthill, near Motherwell, has the capacity to produce as much as 50 million litres of biodiesel a year.
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