Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel manufacturer Argent Energy sold

23 July 2013

Argent Energy, a pioneer of large-scale commercial production of biodiesel in the UK, has actually been purchased 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 utilized cooking oil and tallow from the meat market.

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

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

Souter Investments, the private investment firm of transportation tycoon Sir Brian Souter, confirmed it had offered its 37% stake in Argent.

‘Future capacity’

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

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

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

“John Swire & Sons Ltd sees in Argent Energy’s workers a mix of characteristics and worths that are suitable with our own, and anticipate dealing with them to increase Argent Energy’s future capacity.”

Argent was developed 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 capability to produce up to 50 million litres of biodiesel a year.

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