Pioneering biodiesel manufacturer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of large-scale commercial production of biodiesel in the UK, has been bought 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 oil and tallow from the meat market.
The firm will remain in private ownership and will continue to run independently.
Its senior management, including chairman Andy Hunter, managing director Jim Walker and monetary director Jim Boyd are to remain with the business.
Souter Investments, the private investment company of transportation magnate Sir Brian Souter, verified it had offered its 37% stake in Argent.
'Future capacity'
Mr Walker said the investment by John Swire highlighted Argent's strong market position, adding there was now an opportunity "to take Argent's skills more afield".
Barnaby Swire, of John Swire, stated his company was committed to "exploring and investing in ingenious and feasible green industries".
He added: "We are pleased to be acquiring Argent Energy, a business which we think can grow and prosper not only within the UK but 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 qualities and worths that work with our own, and eagerly 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 together 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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Pioneering Biodiesel Producer Argent Energy Sold
Gordon Duquette edited this page 2025-01-18 08:44:24 +00:00