Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of large-scale industrial production of biodiesel in the UK, has actually been bought by a green financial 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 meat industry.

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

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

Souter Investments, the private investment firm of transport tycoon 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, including there was now a chance “to take Argent’s skills additional afield”.

Barnaby Swire, of John Swire, stated his company was devoted to “checking out and buying innovative and viable green industries”.

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

“John Swire & Sons Ltd sees in Argent Energy’s staff members a mix of qualities and worths that work with our own, and eagerly anticipate working with them to increase Argent Energy’s future potential.”

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