Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel producer Argent Energy offered


23 July 2013


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


Argent, based near Motherwell, was offered to a 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 firm will remain in personal ownership and will continue to run separately.


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


Souter Investments, the personal investment company of transport magnate Sir Brian Souter, confirmed it had actually offered its 37% stake in Argent.


'Future potential'


Mr Walker said the financial investment by John Swire underlined Argent's strong market position, including there was now a chance "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 pleased to be obtaining Argent Energy, a business which our company believe can grow and flourish not only within the UK but likewise overseas, in specific in Asian markets with which Swire Group business recognize.


"John Swire & Sons Ltd sees in Argent Energy's workers a mix of qualities and values that work with our own, and look forward to working with them to maximise Argent Energy's future capacity."


Argent was developed in 2001. In 2009 it was bought by a consortium that included senior management in addition to Souter Investments.


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


Cooking oil to run buses in trial


4 November 2011


Argent Energy


Souter Investments