Pioneering biodiesel manufacturer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of massive business 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 a concealed sum.
Argent makes green roadway fuel by recycling wastes and such as utilized cooking oil and tallow from the meat industry.
The company will stay in personal ownership and will continue to run separately.
Its senior management, including chairman Andy Hunter, handling director Jim Walker and financial director Jim Boyd are to remain with the business.
Souter Investments, the personal investment firm of transportation magnate Sir Brian Souter, verified it had actually offered its 37% stake in Argent.
'Future potential'
Mr Walker said the investment by John Swire underlined Argent's strong market position, including there was now a chance "to take Argent's skills additional afield".
Barnaby Swire, of John Swire, stated his company was committed to "exploring and buying innovative and practical green markets".
He included: "We are happy to be acquiring Argent Energy, a company which we believe can grow and prosper not only within the UK however likewise overseas, in specific in Asian markets with which Swire Group companies recognize.
"John Swire & Sons Ltd sees in Argent Energy's employees a mix of characteristics and values 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 capability to produce approximately 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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