Pioneering Biodiesel Producer Argent Energy Sold
Pioneering biodiesel manufacturer Argent Energy sold
23 July 2013
Argent Energy, a pioneer of large-scale commercial production of biodiesel in the UK, has actually been bought by a green investment firm.
Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for an undisclosed amount.
Argent makes green roadway fuel by recycling wastes and residues such as used cooking oil and tallow from the meat market.
The firm will stay in personal ownership and will continue to run separately.
Its senior management, consisting of chairman Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to remain with the business.
Souter Investments, the private investment firm of Sir Brian Souter, verified it had actually sold its 37% stake in Argent.
'Future capacity'
Mr Walker stated the investment by John Swire highlighted Argent's strong market position, including there was now a chance "to take Argent's abilities more afield".
Barnaby Swire, of John Swire, said his business was dedicated to "exploring and buying ingenious and viable green markets".
He added: "We are delighted to be getting Argent Energy, a business which our company believe can grow and succeed not only within the UK but likewise overseas, in specific in Asian markets with which Swire Group business are familiar.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of characteristics and values that work with our own, and look forward to working with them to maximise Argent Energy's future potential."
Argent was developed in 2001. In 2009 it was bought 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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Souter Investments