Pioneering
biodiesel manufacturer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of large-scale business production of
biodiesel in the UK, has been purchased by a green investment company.
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 company will remain in personal ownership and will continue to run independently.
Its senior management,
including chairman Andy Hunter, handling director Jim Walker and
financial director Jim Boyd are to stay with the
business.
Souter Investments, the private financial investment
company of
transport magnate Sir Brian Souter, validated 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 a chance "to take Argent's skills more afield".
Barnaby Swire, of John Swire, stated his company was devoted to "exploring and purchasing ingenious and practical green industries".
He added: "We are delighted to be getting Argent Energy, a company which our company believe can grow and succeed 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
employees a mix of
attributes and worths that work with our own, and eagerly anticipate working with them to increase
Argent Energy's future capacity."
Argent was developed in 2001. In 2009 it was purchased by a consortium which included senior management together with Souter Investments.
Its plant at Newarthill, near Motherwell, has the capability to produce approximately 50 million litres of
biodiesel a year.
Cooking oil to run buses in trial
4 November 2011
Argent Energy
Souter Investments
