Pioneering Biodiesel Producer Argent Energy Sold
Pioneering biodiesel producer Argent Energy sold
23 July 2013
Argent Energy, a leader of massive industrial production of biodiesel in the UK, has actually been purchased by a green investment business.
Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for a concealed sum.
Argent makes green road fuel by recycling wastes and residues such as used cooking oil and tallow from the meat industry.
The company will remain in personal ownership and will continue to run individually.
Its senior management, including chairman Andy Hunter, managing director Jim Walker and monetary director Jim Boyd are to remain with the company.
Souter Investments, the private financial investment business of transportation magnate Sir Brian Souter, verified it had its 37% stake in Argent.
'Future capacity'
Mr Walker stated the financial investment by John Swire highlighted Argent's strong market position, adding there was now an opportunity "to take Argent's abilities additional afield".
Barnaby Swire, of John Swire, stated his company was committed to "exploring and investing in ingenious and viable green industries".
He included: "We are thrilled to be acquiring Argent Energy, a business which we think can grow and succeed not just within the UK but also overseas, in specific in Asian markets with which Swire Group business recognize.
"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of qualities and values that are suitable with our own, and eagerly anticipate dealing with them to increase Argent Energy's future capacity."
Argent was developed in 2001. In 2009 it was purchased by a consortium that included senior management along with Souter Investments.
Its plant at Newarthill, near Motherwell, has the capability to produce up to 50 million litres of biodiesel a year.
Cooking oil to run buses in trial
4 November 2011
Argent Energy
Souter Investments