Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel producer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of massive commercial production of biodiesel in the UK, has actually been bought by a green investment business.

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 stay in personal ownership and will continue to run separately.

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

Souter Investments, the private financial investment business of transport magnate Sir Brian Souter, verified it had offered its 37% stake in Argent.

‘Future capacity’

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

Barnaby Swire, of John Swire, said his business was devoted to “checking out and purchasing innovative and feasible green industries”.

He added: “We are delighted to be obtaining Argent Energy, a business which our company believe can grow and flourish not only within the UK however also overseas, in specific in Asian markets with which Swire Group companies recognize.

“John Swire & Sons Ltd sees in Argent Energy’s staff members a mix of qualities and values that are suitable with our own, and anticipate working with them to maximise Argent Energy’s future capacity.”

Argent was developed in 2001. In 2009 it was purchased by a consortium which included senior management in addition to 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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Souter Investments