Pioneering biodiesel producer Argent Energy sold
23 July 2013
Argent Energy, a pioneer of massive business production of biodiesel in the UK, has actually been purchased by a green investment firm.
Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for an undisclosed amount.
Argent makes fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat market.
The company will remain in personal ownership and will continue to run independently.
Its senior management, consisting of chairman Andy Hunter, managing director Jim Walker and monetary director Jim Boyd are to remain with the company.
Souter Investments, the personal financial investment business of transport magnate Sir Brian Souter, confirmed it had actually sold 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 abilities additional afield".
Barnaby Swire, of John Swire, said his company was devoted to "checking out and purchasing innovative and feasible green industries".
He added: "We are pleased to be obtaining Argent Energy, a company which our company believe can grow and flourish not only within the UK but likewise overseas, in particular in Asian markets with which Swire Group business recognize.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of characteristics and worths that are compatible with our own, and eagerly anticipate dealing with them to increase Argent Energy's future potential."
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 as much as 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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