Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a leader of large-scale industrial production of biodiesel in the UK, has actually been purchased by a green investment firm.

Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for a concealed amount.

Argent makes green road fuel by recycling wastes and residues such as used cooking oil and tallow from the meat industry.

The company 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 company.

Souter Investments, the personal investment firm of transportation tycoon Sir Brian Souter, confirmed it had offered its 37% stake in Argent.

'Future capacity'

Mr Walker stated the investment by John Swire underlined Argent's strong market position, adding there was now an opportunity "to take Argent's skills further afield".

Barnaby Swire, of John Swire, stated his business was committed to "checking out and buying innovative and viable green industries".

He added: "We are pleased to be getting Argent Energy, a business which we think can grow and prosper not just within the UK however 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 characteristics and worths that are suitable with our own, and eagerly anticipate working with them to increase Argent Energy's future capacity."

Argent was established in 2001. In 2009 it was purchased by a consortium that included senior management along with Souter Investments.

Its plant at Newarthill, near Motherwell, has the capacity to produce up to 50 million litres of biodiesel a year.

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