Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel producer Argent Energy offered


23 July 2013


Argent Energy, a pioneer of massive commercial production of biodiesel in the UK, has been purchased by a green financial investment business.


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


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


The firm will remain in personal ownership and will continue to run .


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


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


'Future potential'


Mr Walker stated the financial investment by John Swire highlighted Argent's strong market position, including there was now an opportunity "to take Argent's skills additional afield".


Barnaby Swire, of John Swire, said his company was devoted to "checking out and investing in innovative and practical green markets".


He added: "We are thrilled to be obtaining Argent Energy, a company which we believe can grow and prosper not only within the UK but likewise overseas, in specific in Asian markets with which Swire Group companies recognize.


"John Swire & Sons Ltd sees in Argent Energy's workers a mix of characteristics and values that are compatible with our own, and look forward to working with them to increase Argent Energy's future potential."


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


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


Cooking oil to run buses in trial


4 November 2011


Argent Energy


Souter Investments