Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a leader of large-scale business production of biodiesel in the UK, has actually been bought by a green financial investment business.
Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for a concealed sum.
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 private ownership and will continue to run independently.
Its senior management, including chairman Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to remain with the company.
Souter Investments, the private investment firm of transport magnate Souter, confirmed it had offered its 37% stake in Argent.
'Future potential'
Mr Walker said the financial investment by John Swire highlighted Argent's strong market position, including there was now a chance "to take Argent's skills more afield".
Barnaby Swire, of John Swire, said his business was devoted to "checking out and investing in innovative and viable green industries".
He included: "We are delighted to be obtaining Argent Energy, a company which our company believe can grow and succeed not just within the UK however likewise overseas, in specific in Asian markets with which Swire Group business recognize.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of characteristics and values that are compatible with our own, and anticipate dealing 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 along with 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
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