Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of large-scale industrial production of 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 road 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 independently.
Its senior management, including chairman Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to stay with the company.
Souter Investments, the personal investment firm of transport magnate Sir Brian Souter, validated it had actually offered its 37% stake in Argent.
'Future capacity'
Mr Walker stated the financial investment by John Swire highlighted 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 business was committed to "exploring and buying innovative and feasible green markets".
He added: "We are pleased to be obtaining Argent Energy, a business which our company believe can grow and prosper not just within the UK but also overseas, in particular in Asian markets with which Swire Group business recognize.
"John Swire & Sons Ltd sees in Argent Energy's employees a mix of attributes and worths that are compatible with our own, and anticipate dealing with them to increase Argent Energy's future potential."
Argent was established in 2001. In 2009 it was purchased by a consortium that included 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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Pioneering Biodiesel Producer Argent Energy Sold
Isidra Lillico edited this page 2025-01-12 04:30:34 +08:00