Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a pioneer of large-scale industrial production of biodiesel in the UK, has been purchased by a green financial investment company.

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

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

The firm will remain in private ownership and will continue to run independently.

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

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

‘Future potential’

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

Barnaby Swire, of John Swire, stated his company was devoted to “exploring and buying innovative and viable green industries”.

He added: “We are pleased to be getting Argent Energy, a company which we believe can grow and flourish not only within the UK however 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 anticipate dealing with them to maximise Argent Energy’s future potential.”

Argent was established in 2001. In 2009 it was purchased by a consortium which consisted of 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.

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4 November 2011

Argent Energy

Souter Investments