Pioneering biodiesel manufacturer Argent Energy offered
23 July 2013
Argent Energy, a leader of large-scale business production of biodiesel in the UK, has actually been bought by a green investment firm.
Argent, based near Motherwell, was offered 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 utilized cooking oil and tallow from the meat market.
The firm will remain in personal 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 stay with the company.
Souter Investments, the private financial investment company of transport magnate Sir Brian Souter, confirmed it had offered its 37% stake in Argent.
'Future potential'
Mr Walker stated the investment by John Swire highlighted Argent's strong market position, adding there was now an opportunity "to take Argent's skills further afield".
Swire, of John Swire, stated his business was committed to "exploring and investing in ingenious and viable green markets".
He included: "We are thrilled to be obtaining Argent Energy, a company which our company believe can grow and flourish not only 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 employees a mix of qualities and values that work with our own, and look forward to working with them to increase Argent Energy's future potential."
Argent was developed in 2001. In 2009 it was purchased by a consortium which consisted of senior management together 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
1
Pioneering Biodiesel Producer Argent Energy Sold
Nolan Powe edited this page 1 week ago