Pioneering Biodiesel Producer Argent Energy Sold
Pioneering biodiesel manufacturer Argent Energy sold
23 July 2013
Argent Energy, a pioneer of massive industrial production of biodiesel in the UK, has actually been purchased by a green financial investment company.
Argent, based near Motherwell, was offered 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 utilized cooking oil and tallow from the meat industry.
The firm will remain in private ownership and will continue to run separately.
Its senior management, consisting of chairman Andy Hunter, handling director Jim Walker and financial director Jim Boyd are to remain with the business.
Souter Investments, the private investment firm of transportation tycoon Sir Brian Souter, verified it had its 37% stake in Argent.
'Future capacity'
Mr Walker said the investment by John Swire underlined 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 dedicated to "exploring and purchasing innovative and viable green industries".
He included: "We are pleased to be getting Argent Energy, a business which we think can grow and succeed 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 staff members a mix of attributes and worths that are compatible with our own, and anticipate dealing with them to increase Argent Energy's future capacity."
Argent was established 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 capacity to produce as much as 50 million litres of biodiesel a year.
Cooking oil to run buses in trial
4 November 2011
Argent Energy
Souter Investments