Pioneering biodiesel producer Argent Energy sold

23 July 2013

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

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

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

The firm will remain in personal 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 personal investment business of transport tycoon Sir Brian Souter, validated it had actually sold its 37% stake in Argent.

'Future capacity'

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

Barnaby Swire, of John Swire, said his business was devoted to "checking out and purchasing ingenious and viable green markets".

He included: "We are happy to be getting Argent Energy, a company which we think can grow and flourish not just within the UK but likewise overseas, in specific in Asian markets with which Swire Group business are familiar.

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of qualities and values that are suitable 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 bought by a consortium that included senior management together with Souter Investments.

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

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