Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a leader of massive industrial production of biodiesel in the UK, has actually been purchased by a green financial investment company.

Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for an undisclosed sum.

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

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

Its senior management, including chairman Andy Hunter, handling director Jim Walker and financial director Jim Boyd are to stay with the business.

Souter Investments, the private financial investment company 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 a chance "to take Argent's skills further afield".

Barnaby Swire, of John Swire, said his business was committed to "checking out and purchasing ingenious and practical green industries".

He included: "We are delighted to be acquiring Argent Energy, a company which our company believe can grow and flourish not just within the UK however also overseas, in particular in Asian markets with which Swire Group business are familiar.

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of qualities and values that are compatible with our own, and eagerly anticipate dealing with them to increase Argent Energy's future capacity."

Argent was established 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 capacity to produce up to 50 million litres of biodiesel a year.