Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a leader of massive business production of biodiesel in the UK, has been purchased 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 road fuel by recycling wastes and residues such as used cooking oil and tallow from the meat market.

The will remain in private ownership and will continue to run independently.

Its senior management, including chairman Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to remain with the company.

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

‘Future potential’

Mr Walker said the financial investment by John Swire highlighted Argent’s strong market position, including there was now an opportunity “to take Argent’s skills additional afield”.

Barnaby Swire, of John Swire, stated his business was devoted to “exploring and investing in innovative and feasible green markets”.

He included: “We are happy to be acquiring Argent Energy, a business which our company believe can grow and prosper not just within the UK however likewise overseas, in specific in Asian markets with which Swire Group companies recognize.

“John Swire & Sons Ltd sees in Argent Energy’s workers a mix of characteristics and values that work with our own, and eagerly anticipate 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 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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