Pioneering Biodiesel Producer Argent Energy Sold
Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of massive business production of biodiesel in the UK, has actually been purchased by a green investment company.
Argent, based near Motherwell, was 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 used cooking oil and tallow from the meat industry.
The firm will remain in personal ownership and will continue to run individually.
Its senior management, consisting of chairman Andy Hunter, managing director Jim Walker and monetary director Jim Boyd are to remain with the company.
Souter Investments, the personal investment firm of transportation tycoon Sir Brian Souter, confirmed it had actually offered its 37% stake in Argent.
'Future capacity'
Mr Walker said the financial investment 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 company was dedicated to "exploring and buying ingenious and feasible green markets".
He added: "We are thrilled to be obtaining Argent Energy, a business which we think can grow and flourish not just 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 employees a mix of qualities and values that work with our own, and eagerly anticipate dealing with them to increase Argent Energy's future potential."
Argent was developed in 2001. In 2009 it was bought by a consortium which consisted of senior management together 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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Argent Energy
Souter Investments