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 firm.
Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for an undisclosed 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, consisting of chairman Andy Hunter, handling director Jim Walker and monetary director Jim Boyd are to remain with the business.
Souter Investments, the personal financial investment company of transport magnate Sir Brian Souter, confirmed it had sold its 37% stake in Argent.
'Future capacity'
Mr Walker stated the investment by John Swire underlined Argent's strong market position, adding there was now a chance "to take Argent's abilities additional afield".
Barnaby Swire, of John Swire, said his company was dedicated to "checking out and purchasing ingenious and feasible green markets".
He included: "We are pleased to be obtaining Argent Energy, a company which we believe can grow and prosper not just within the UK but likewise overseas, in particular in Asian markets with which Swire Group business recognize.
"John Swire & Sons Ltd sees in Argent Energy's employees a mix of qualities and worths that are compatible with our own, and look forward to working with them to maximise Argent Energy's future potential."
Argent was developed in 2001. In 2009 it was bought by a consortium which 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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