Pioneering biodiesel manufacturer Argent Energy sold
23 July 2013
Argent Energy, a leader of large-scale industrial production of biodiesel in the UK, has been purchased by a green financial investment company.
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 market.
The company will remain in personal ownership and will continue to run separately.
Its senior management, including chairman Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to stay with the .
Souter Investments, the private investment company of transport tycoon Sir Brian Souter, confirmed it had sold its 37% stake in Argent.
'Future potential'
Mr Walker said the investment by John Swire highlighted Argent's strong market position, including there was now an opportunity "to take Argent's skills additional afield".
Barnaby Swire, of John Swire, said his company was dedicated to "checking out and purchasing innovative and feasible green industries".
He added: "We are thrilled to be obtaining Argent Energy, a company which we believe can grow and succeed not only within the UK but also 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 attributes and values that work with our own, and eagerly anticipate dealing with them to increase Argent Energy's future potential."
Argent was established in 2001. In 2009 it was purchased by a consortium which consisted of senior management in addition to 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
Don See edited this page 2025-01-18 10:36:06 +00:00