Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of large-scale industrial production of biodiesel in the UK, has been bought by a green financial investment company.
Argent, based near Motherwell, was offered to a subsidiary of Swire & Sons for a concealed amount.
Argent makes green road fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat industry.
The firm will remain in private 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 stay with the business.
Souter Investments, the private investment company of transportation magnate Sir Brian Souter, validated it had actually sold its 37% stake in Argent.
'Future capacity'
Mr Walker said the financial investment by John Swire underlined Argent's strong market position, adding there was now an opportunity "to take Argent's abilities additional afield".
Barnaby Swire, of John Swire, stated his business was dedicated to "checking out and buying innovative and practical green markets".
He included: "We are thrilled to be acquiring Argent Energy, a business which we believe can grow and prosper not only within the UK however likewise overseas, in specific in Asian markets with which Swire Group companies are familiar.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of attributes and worths that work with our own, and look forward to dealing with them to increase Argent Energy's future potential."
Argent was established in 2001. In 2009 it was bought by a consortium that included senior management together with Souter Investments.
Its plant at Newarthill, near Motherwell, has the capability to produce approximately 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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