Pioneering biodiesel manufacturer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of massive business production of biodiesel in the UK, has 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 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 individually.
Its senior management, consisting of 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 tycoon Sir Brian Souter, confirmed it had offered its 37% stake in Argent.
'Future potential'
Mr Walker stated the investment by John Swire underlined Argent's strong market position, including there was now a chance "to take Argent's skills further afield".
Swire, of John Swire, stated his business was devoted to "exploring and buying ingenious and viable green industries".
He added: "We are delighted to be acquiring Argent Energy, a business which we think can grow and prosper not just within the UK but also overseas, in particular in Asian markets with which Swire Group business are familiar.
"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of attributes and worths that are suitable with our own, and eagerly anticipate dealing with them to increase Argent Energy's future capacity."
Argent was established in 2001. In 2009 it was bought 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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Pioneering Biodiesel Producer Argent Energy Sold
williancasilla edited this page 2025-01-12 07:44:39 +08:00