Pioneering biodiesel manufacturer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of massive industrial production of biodiesel in the UK, has actually been purchased by a green financial investment company.
Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for a concealed amount.
Argent makes green roadway fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat market.
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 financial director Jim Boyd are to remain with the business.
Souter Investments, the private investment firm of transport magnate Sir Brian Souter, validated it had offered its 37% stake in Argent.
'Future potential'
Mr Walker stated the investment by John Swire highlighted Argent's strong market position, including there was now a chance "to take Argent's skills additional afield".
Swire, of John Swire, stated his company was devoted to "checking out and purchasing innovative and viable green markets".
He added: "We are happy to be getting Argent Energy, a company which our company believe can grow and succeed 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 staff members a mix of attributes and values that work with our own, and look forward to working 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 in addition to Souter Investments.
Its plant at Newarthill, near Motherwell, has the capability to produce as much as 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
Paige Waltman edited this page 2025-01-18 14:08:15 +08:00