Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel producer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of massive commercial 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 an undisclosed sum.

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

The company will remain in personal ownership and will continue to run separately.

Its senior management, consisting of chairman Andy Hunter, handling director Jim Walker and monetary director Jim Boyd are to stay with the company.

Souter Investments, the private investment business of transportation tycoon Sir Brian Souter, validated it had actually sold its 37% stake in Argent.

‘Future capacity’

Mr Walker said 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 business was committed to « checking out and purchasing ingenious and practical green markets ».

He added: « We are pleased to be acquiring Argent Energy, a business which our company believe can grow and flourish not only within the UK but also overseas, in particular in Asian markets with which Swire Group companies recognize.

« John Swire & Sons Ltd sees in Argent Energy’s workers a mix of attributes and worths that work with our own, and eagerly anticipate working with them to Energy’s future capacity. »

Argent was established in 2001. In 2009 it was bought by a consortium which included senior management along 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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