Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a pioneer of large-scale commercial 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 a concealed amount.

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

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

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

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

‘Future potential’

Mr Walker stated the financial investment by John Swire underlined Argent’s strong market position, adding there was now an opportunity “to take Argent’s abilities more afield”.

Barnaby Swire, of John Swire, said his business was committed to “exploring and investing in ingenious and viable green industries”.

He included: “We are happy to be getting Argent Energy, a company which we think can grow and flourish not only within the UK however likewise overseas, in specific in Asian markets with which Swire Group companies are familiar.

” & Sons Ltd sees in Argent Energy’s staff members a mix of qualities and values that are compatible with our own, and look forward to working with them to maximise Argent Energy’s future potential.”

Argent was established in 2001. In 2009 it was purchased by a consortium which consisted of senior management along with 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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