Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a leader of massive industrial production of biodiesel in the UK, has actually been purchased by a green financial investment business.
Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for a concealed sum.
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, managing director Jim Walker and monetary director Jim Boyd are to stay with the business.
Souter Investments, the personal investment firm of transportation magnate Sir Brian Souter, verified it had actually offered its 37% stake in Argent.
'Future potential'
Mr Walker stated the investment by John Swire strong market position, adding there was now an opportunity "to take Argent's abilities more afield".
Barnaby Swire, of John Swire, stated his company was committed to "exploring and investing in ingenious and viable green industries".
He added: "We are thrilled to be getting Argent Energy, a company which our company believe can grow and prosper not just within the UK but likewise overseas, in particular in Asian markets with which Swire Group companies recognize.
"John Swire & Sons Ltd sees in Argent Energy's workers a mix of attributes and worths that work with our own, and eagerly anticipate working 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 in addition to 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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