Pioneering biodiesel manufacturer Argent Energy offered
23 July 2013
Argent Energy, a leader of large-scale business production of biodiesel in the UK, has been purchased by a green investment business.
Argent, based near Motherwell, was offered to a subsidiary of London-based John 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 individually.
Its senior management, consisting of chairman Andy Hunter, managing director Jim Walker and monetary director Jim Boyd are to remain with the business.
Souter Investments, the private financial investment business of transport magnate Sir Brian Souter, validated it had actually offered its 37% stake in Argent.
'Future capacity'
Mr Walker said the by John Swire underlined Argent's strong market position, adding there was now a chance "to take Argent's skills more afield".
Barnaby Swire, of John Swire, stated his business was devoted to "checking out and investing in innovative and practical green markets".
He included: "We are pleased to be getting Argent Energy, a business which our company believe can grow and prosper not only within the UK but also overseas, in specific in Asian markets with which Swire Group business are familiar.
"John Swire & Sons Ltd sees in Argent Energy's employees a mix of characteristics and worths that are suitable with our own, and eagerly anticipate dealing with them to increase Argent Energy's future capacity."
Argent was developed in 2001. In 2009 it was purchased by a consortium which consisted of senior management together with Souter Investments.
Its plant at Newarthill, near Motherwell, has the capacity to produce approximately 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
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