Pioneering biodiesel producer Argent Energy sold
23 July 2013
Argent Energy, a leader of large-scale business production of biodiesel in the UK, has been purchased 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 personal ownership and will continue to run separately.
Its senior management, Andy Hunter, handling director Jim Walker and financial director Jim Boyd are to stay with the company.
Souter Investments, the private investment business of transport magnate Sir Brian Souter, validated it had sold its 37% stake in Argent.
'Future potential'
Mr Walker said the investment by John Swire underlined Argent's strong market position, adding there was now a chance "to take Argent's abilities further afield".
Barnaby Swire, of John Swire, said his company was devoted to "exploring and buying ingenious and feasible green markets".
He included: "We are thrilled to be getting Argent Energy, a company which our company believe can grow and flourish not only within the UK however also overseas, in particular in Asian markets with which Swire Group companies are familiar.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of characteristics and worths that are suitable with our own, and look forward to dealing with them to maximise Argent Energy's future capacity."
Argent was established in 2001. In 2009 it was bought by a consortium which consisted of senior management together with 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
Jerrell Cunneen edited this page 2025-01-11 02:15:50 +01:00