Pioneering biodiesel manufacturer Argent Energy sold
23 July 2013
Argent Energy, a leader of large-scale 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 a concealed sum.
Argent makes green roadway fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat industry.
The company will remain in private ownership and will continue to run individually.
Its senior management, consisting of chairman Andy Hunter, handling Walker and financial director Jim Boyd are to stay with the business.
Souter Investments, the private investment firm of transport magnate Sir Brian Souter, validated it had sold its 37% stake in Argent.
'Future capacity'
Mr Walker said the investment by John Swire highlighted Argent's strong market position, including there was now a chance "to take Argent's skills more afield".
Barnaby Swire, of John Swire, said his business was committed to "exploring and buying innovative and viable green industries".
He included: "We are thrilled to be acquiring Argent Energy, a business which we believe can grow and flourish not just within the UK but likewise overseas, in specific in Asian markets with which Swire Group business recognize.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of qualities and values that are suitable with our own, and anticipate working with them to maximise Argent Energy's future capacity."
Argent was developed in 2001. In 2009 it was purchased by a consortium which included 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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