Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of massive commercial production of biodiesel in the UK, has actually been bought by a green investment firm.
Argent, based near Motherwell, was sold 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 market.
The firm 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 stay with the company.
Souter Investments, the personal investment firm of transportation tycoon Sir Brian Souter, confirmed it had offered its 37% stake in Argent.
'Future capacity'
Mr Walker stated the investment by John Swire underlined market position, including there was now a chance "to take Argent's abilities additional afield".
Barnaby Swire, of John Swire, stated his business was dedicated to "checking out and purchasing innovative and practical green markets".
He added: "We are delighted to be obtaining Argent Energy, a business which we think can grow and flourish not only 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 workers a mix of characteristics and values that are suitable with our own, and anticipate dealing with them to maximise Argent Energy's future potential."
Argent was developed in 2001. In 2009 it was purchased by a consortium which included 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.
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Pioneering Biodiesel Producer Argent Energy Sold
Leora Lord edited this page 2025-01-12 15:18:34 +08:00