Pioneering biodiesel manufacturer Argent Energy sold
23 July 2013
Argent Energy, a pioneer of large-scale industrial production of biodiesel in the UK, has been bought 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 road fuel by recycling wastes and residues such as used cooking oil and tallow from the meat market.
The firm will remain in personal ownership and will continue to run separately.
Its senior management, including chairman Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to remain with the business.
Souter Investments, the personal investment business of transportation tycoon Sir Brian Souter, confirmed it had sold its 37% stake in Argent.
'Future potential'
Mr Walker said the by John Swire underlined Argent's strong market position, adding there was now a chance "to take Argent's skills additional afield".
Barnaby Swire, of John Swire, stated his business was dedicated to "exploring and investing in innovative and practical green industries".
He added: "We are thrilled to be getting Argent Energy, a company which our company believe can grow and succeed not only within the UK however also overseas, in specific in Asian markets with which Swire Group business recognize.
"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of attributes and values that are suitable with our own, and anticipate working with them to maximise Argent Energy's future capacity."
Argent was established in 2001. In 2009 it was purchased by a consortium which consisted of senior management in addition to Souter Investments.
Its plant at Newarthill, near Motherwell, has the capability to produce up to 50 million litres of biodiesel a year.
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Argent Energy
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Pioneering Biodiesel Producer Argent Energy Sold
Aileen Hackler edited this page 2025-01-17 21:59:14 +00:00