Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel manufacturer Argent Energy sold

23 July 2013

Argent Energy, a leader of large-scale business production of biodiesel in the UK, has actually been bought by a green investment firm.

Argent, based near Motherwell, was offered 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 used cooking oil and tallow from the meat industry.

The company will remain in personal 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 stay with the .

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

‘Future capacity’

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

Barnaby Swire, of John Swire, said his company was dedicated to “exploring and buying innovative and feasible green markets”.

He added: “We are thrilled to be getting Argent Energy, a business which we think can grow and prosper not only within the UK however likewise overseas, in specific in Asian markets with which Swire Group business are familiar.

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

Argent was developed in 2001. In 2009 it was purchased by a consortium that included senior management together with Souter Investments.

Its plant at Newarthill, near Motherwell, has the capability to produce up to 50 million litres of biodiesel a year.

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