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Pioneering biodiesel manufacturer Argent Energy sold
23 July 2013
Argent Energy, a pioneer of large-scale industrial production of biodiesel in the UK, has been bought by a green investment business.
Argent, based near Motherwell, was offered 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 .
The firm will remain in private ownership and will continue to run independently.
Its senior management, consisting of chairman Andy Hunter, managing director Jim Walker and monetary director Jim Boyd are to remain with the business.
Souter Investments, the personal investment firm of transport magnate Sir Brian Souter, verified it had actually offered its 37% stake in Argent.
'Future potential'
Mr Walker stated the financial investment by John Swire highlighted Argent's strong market position, including there was now a chance "to take Argent's abilities further afield".
Barnaby Swire, of John Swire, stated his company was devoted to "exploring and purchasing innovative and feasible green markets".
He included: "We are thrilled to be getting Argent Energy, a company which our company believe can grow and succeed not just within the UK however likewise overseas, in specific in Asian markets with which Swire Group business recognize.
"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of characteristics and values that work with our own, and anticipate dealing with them to maximise Argent Energy's future capacity."
Argent was established 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.
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