Pioneering biodiesel producer Argent Energy sold

23 July 2013

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

Argent, based near Motherwell, was offered 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 used cooking oil and tallow from the meat industry.

The company will remain in personal ownership and will continue to run independently.

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

Souter Investments, the private investment firm of transportation magnate Sir Brian Souter, confirmed it had actually sold its 37% stake in Argent.

‘Future capacity’

Mr Walker said the financial investment by John Swire highlighted 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 dedicated to “exploring and investing in innovative and practical green markets”.

He included: “We are thrilled to be obtaining Argent Energy, a business which we believe can grow and flourish not just within the UK however also overseas, in particular in Asian markets with which Swire Group business recognize.

“John Swire & Sons Ltd sees in Argent Energy’s employees a mix of qualities and worths that are compatible with our own, and anticipate dealing with them to maximise Argent Energy’s future capacity.”

Argent was developed in 2001. In 2009 it was purchased by a consortium that included 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.

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