Pioneering biodiesel manufacturer Argent Energy offered
23 July 2013
Argent Energy, a leader of large-scale commercial production of biodiesel in the UK, has actually 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 roadway fuel by recycling wastes and residues such as used cooking oil and tallow from the meat industry.
The company will stay in private 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 company.
Souter Investments, the personal investment company of transportation magnate Sir Brian Souter, verified it had sold its 37% stake in Argent.
'Future potential'
Mr Walker stated the investment by John Swire highlighted Argent's strong market position, adding there was now an opportunity "to take Argent's abilities more afield".
Barnaby Swire, of John Swire, said his business was devoted to "checking out and investing in ingenious and feasible green industries".
He added: "We are delighted to be getting Argent Energy, a business which our company believe can grow and flourish not just within the UK however likewise overseas, in specific in Asian markets with which Swire Group companies are familiar.
"John Swire & Sons Ltd sees in Argent Energy's employees a mix of attributes and values that are suitable with our own, and look to dealing with them to maximise Argent Energy's future potential."
Argent was established 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 capability to produce approximately 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
Tiffiny Camidge edited this page 2025-01-11 17:28:19 -06:00