Pioneering biodiesel producer Argent Energy sold

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 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 firm will remain in private ownership and will continue to run individually.

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

Souter Investments, the personal investment firm of transportation magnate Sir Brian Souter, verified it had actually offered its 37% stake in Argent.

'Future capacity'

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

Barnaby Swire, of John Swire, said his was devoted to "exploring and investing in ingenious and feasible green markets".

He included: "We are happy to be acquiring Argent Energy, a company which our company believe can grow and prosper not just within the UK but also overseas, in particular in Asian markets with which Swire Group companies recognize.

"John Swire & Sons Ltd sees in Argent Energy's workers a mix of attributes and values that work with our own, and eagerly anticipate dealing with them to increase Argent Energy's future capacity."

Argent was established in 2001. In 2009 it was purchased by a consortium which consisted of senior management in addition to Souter Investments.

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

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