Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel producer Argent Energy offered


23 July 2013


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


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


Argent makes 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 separately.


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


Souter Investments, the personal investment firm of transportation tycoon Sir Brian Souter, verified it had actually offered 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, said his company was committed to "exploring and investing in ingenious and feasible green markets".


He included: "We are happy to be obtaining Argent Energy, a business which our company believe can grow and prosper not only within the UK however likewise overseas, in particular in Asian markets with which Swire Group business are familiar.


"John Swire & Sons Ltd sees in Argent Energy's employees a mix of qualities and values that are compatible with our own, and eagerly anticipate working with them to increase Argent Energy's future potential."


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


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


Cooking oil to run buses in trial


4 November 2011


Argent Energy


Souter Investments