Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a leader of massive commercial production of biodiesel in the UK, has actually been bought by a green investment firm.

Argent, based near Motherwell, was sold 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 company will remain in private ownership and will continue to run individually.

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

Souter Investments, the private investment company of transportation magnate Sir Brian Souter, verified it had sold its 37% stake in Argent.

‘Future capacity’

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

Barnaby Swire, of John Swire, stated his business was dedicated to “exploring and investing in ingenious and practical green industries”.

He included: “We are pleased to be getting Argent Energy, a company which our company believe can grow and succeed not only within the UK but also overseas, in specific in Asian markets with which Swire Group companies recognize.

“John Swire & Sons Ltd sees in Argent Energy’s employees a mix of characteristics and values that work with our own, and anticipate dealing with them to increase future potential.”

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