Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel Energy sold

23 July 2013

Argent Energy, a leader of massive industrial production of biodiesel in the UK, has been purchased 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 utilized cooking oil and tallow from the meat industry.

The firm will stay 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 personal investment firm of transport magnate Sir Brian Souter, confirmed it had sold its 37% stake in Argent.

‘Future potential’

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 more afield”.

Barnaby Swire, of John Swire, said his business was committed to “checking out and buying ingenious and feasible green markets”.

He added: “We are happy to be getting Argent Energy, a company which our company believe can grow and flourish not just within the UK but likewise overseas, in particular in Asian markets with which Swire Group business are familiar.

“John Swire & Sons Ltd sees in Argent Energy’s workers a mix of attributes and values that work 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 in addition to 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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