Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of massive industrial production of biodiesel in the UK, has been bought by a green investment firm.
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 company will remain in personal ownership and will continue to run independently.
Its senior management, including chairman Andy Hunter, handling director Jim Walker and Jim Boyd are to remain with the business.
Souter Investments, the private financial investment business of transportation tycoon Sir Brian Souter, verified 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 an opportunity "to take Argent's skills more afield".
Barnaby Swire, of John Swire, stated his company was committed to "exploring and purchasing ingenious and feasible green markets".
He added: "We are happy to be acquiring Argent Energy, a business which we think can grow and flourish not just within the UK but likewise overseas, in particular in Asian markets with which Swire Group business are familiar.
"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of characteristics and values that work with our own, and look forward to dealing with them to increase Argent Energy's future capacity."
Argent was developed in 2001. In 2009 it was purchased by a consortium that included senior management along with Souter Investments.
Its plant at Newarthill, near Motherwell, has the capability to produce approximately 50 million litres of biodiesel a year.
Cooking oil to run buses in trial
4 November 2011
Argent Energy
Souter Investments
1
Pioneering Biodiesel Producer Argent Energy Sold
Tisha Anderson edited this page 1 week ago