Pioneering biodiesel manufacturer Argent Energy sold
23 July 2013
Argent Energy, a leader of large-scale industrial production of biodiesel in the UK, has been purchased by a green investment business.
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 and residues such as utilized cooking oil and tallow from the meat market.
The company will remain in private ownership and will continue to run independently.
Its senior management, including chairman Andy Hunter, handling director Jim Walker and financial director Jim Boyd are to remain with the business.
Souter Investments, the private investment company of transport tycoon Sir Brian Souter, confirmed it had actually sold its 37% stake in Argent.
'Future capacity'
Mr Walker stated the financial investment by John Swire highlighted Argent's strong market position, including there was now a chance "to take Argent's abilities more afield".
Barnaby Swire, of John Swire, stated his business was devoted to "exploring and buying innovative and feasible green industries".
He included: "We are pleased to be getting Argent Energy, a company which our company believe can grow and flourish not only within the UK but likewise overseas, in particular in Asian markets with which Swire Group companies are familiar.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of characteristics and values that work with our own, and look forward to dealing with them to increase Argent Energy's future potential."
Argent was developed in 2001. In 2009 it was bought by a consortium that included senior management together with Souter Investments.
Its plant at Newarthill, near Motherwell, has the capacity to produce up to 50 million litres of biodiesel a year.
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Pioneering Biodiesel Producer Argent Energy Sold
Pilar Hook edited this page 2025-01-11 08:37:29 -05:00