producer Argent Energy sold
23 July 2013
Argent Energy, a leader of massive business production of biodiesel in the UK, has 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 amount.
Argent makes green roadway fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat industry.
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 company.
Souter Investments, the private investment business of transportation tycoon Sir Brian Souter, validated it had offered its 37% stake in Argent.
'Future capacity'
Mr Walker said the investment by John Swire highlighted Argent's strong market position, adding there was now a chance "to take Argent's skills more afield".
Barnaby Swire, of John Swire, said his company was dedicated to "exploring and buying innovative and feasible green markets".
He added: "We are thrilled to be acquiring Argent Energy, a company which we believe can grow and prosper not only within the UK but likewise overseas, in specific in Asian markets with which Swire Group business are familiar.
"John Swire & Sons Ltd sees in Argent Energy's employees a mix of attributes and worths that are suitable with our own, and look forward to dealing with them to increase Argent Energy's future potential."
Argent was developed in 2001. In 2009 it was bought by a consortium that included senior management together with Souter Investments.
Its plant at Newarthill, near Motherwell, has the capability to produce as much as 50 million litres of biodiesel a year.
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Argent Energy
Souter Investments
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Pioneering Biodiesel Producer Argent Energy Sold
Makayla Benton edited this page 2025-01-14 04:27:38 +08:00