Pioneering biodiesel manufacturer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of massive industrial production of biodiesel in the UK, has actually 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 amount.
Argent makes green roadway fuel by recycling wastes and residues such as used cooking oil and tallow from the meat industry.
The firm will stay in private ownership and will continue to run individually.
Its senior management, including chairman Andy Hunter, managing director Jim Walker and financial director are to stay with the business.
Souter Investments, the private financial investment company of transport tycoon Sir Brian Souter, confirmed it had offered its 37% stake in Argent.
'Future potential'
Mr Walker said the financial investment by John Swire highlighted Argent's strong market position, adding there was now a chance "to take Argent's skills further afield".
Barnaby Swire, of John Swire, stated his company was committed to "exploring and investing in ingenious and viable green markets".
He included: "We are thrilled to be acquiring Argent Energy, a business which our company believe can grow and prosper not only within the UK however likewise overseas, in specific in Asian markets with which Swire Group business recognize.
"John Swire & Sons Ltd sees in Argent Energy's employees a mix of characteristics and values that work 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 in addition to 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
Mark Kennemer edited this page 2025-01-12 10:15:04 +08:00