Pioneering biodiesel manufacturer Argent Energy offered
23 July 2013
Argent Energy, a leader of large-scale business production of in the UK, has been purchased by a green investment firm.
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 used cooking oil and tallow from the meat industry.
The firm will stay in private ownership and will continue to run independently.
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 personal investment firm of transport magnate Sir Brian Souter, confirmed it had sold its 37% stake in Argent.
'Future potential'
Mr Walker stated the investment by John Swire underlined Argent's strong market position, adding there was now a chance "to take Argent's abilities additional afield".
Barnaby Swire, of John Swire, said his company was dedicated to "exploring and purchasing innovative and practical green markets".
He included: "We are pleased to be getting Argent Energy, a business which our company believe can grow and succeed not just within the UK however likewise overseas, in specific in Asian markets with which Swire Group companies are familiar.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of qualities and values that are compatible with our own, and eagerly anticipate dealing with them to maximise Argent Energy's future capacity."
Argent was established in 2001. In 2009 it was bought 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.
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Pioneering Biodiesel Producer Argent Energy Sold
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