Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a leader of massive industrial production of biodiesel 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 an undisclosed 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 remain in private ownership and will continue to run independently.
Its senior management, including chairman Andy Hunter, handling director Jim Walker and monetary director Jim Boyd are to stay with the company.
Souter Investments, the private investment firm of Sir Brian Souter, confirmed it had offered its 37% stake in Argent.
'Future potential'
Mr Walker said 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 company was committed to "exploring and purchasing innovative and practical green industries".
He included: "We are delighted to be acquiring Argent Energy, a company which our company believe can grow and prosper not just within the UK but also 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 characteristics and values that work with our own, and eagerly anticipate working with them to increase Argent Energy's future capacity."
Argent was established in 2001. In 2009 it was bought by a consortium that included senior management in addition to Souter Investments.
Its plant at Newarthill, near Motherwell, has the capacity to produce up to 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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