Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a pioneer of large-scale commercial 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 an undisclosed amount.

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

The company will stay in private ownership and will continue to run individually.

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

Souter Investments, the personal investment company of transport tycoon Sir Brian Souter, confirmed it had actually sold 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 a chance “to take Argent’s skills additional afield”.

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

He added: “We are thrilled to be acquiring Argent Energy, a business which we think can grow and flourish not only within the UK but also overseas, in particular in Asian markets with which Swire Group companies are familiar.

“John Swire & Sons Ltd sees in Argent Energy’s workers a mix of qualities and worths that work with our own, and eagerly anticipate working with them to increase Argent Energy’s future potential.”

Argent was developed in 2001. In 2009 it was bought by a consortium which included senior management together with 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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