Pioneering biodiesel manufacturer Argent Energy sold
23 July 2013
Argent Energy, a leader of massive commercial production of biodiesel in the UK, has actually been bought by a green investment business.
Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for an undisclosed amount.
Argent makes green roadway fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat market.
The firm will stay in private ownership and will continue to run individually.
Its senior management, consisting of chairman Andy Hunter, handling director Jim Walker and monetary director Jim Boyd are to stay with the company.
Souter Investments, the personal investment firm of transportation tycoon Sir Brian Souter, confirmed it had actually sold its 37% stake in Argent.
'Future potential'
Mr Walker said the investment by John Swire underlined Argent's strong market position, adding there was now a chance "to take Argent's abilities more afield".
Barnaby Swire, of John Swire, said his business was devoted to "checking out and investing in innovative and practical green industries".
He included: "We are happy to be acquiring Argent Energy, a business which we think can grow and succeed not just within the UK but also overseas, in particular in Asian markets with which Swire Group companies recognize.
" & Sons Ltd sees in Argent Energy's workers a mix of characteristics and values that are suitable with our own, and look forward to working with them to increase Argent Energy's future potential."
Argent was established in 2001. In 2009 it was purchased by a consortium which consisted of senior management along with Souter Investments.
Its plant at Newarthill, near Motherwell, has the capability to produce approximately 50 million litres of biodiesel a year.
Cooking oil to run buses in trial
4 November 2011
Argent Energy
Souter Investments
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Pioneering Biodiesel Producer Argent Energy Sold
Alisia Kuehner edited this page 3 months ago