Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

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

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

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

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

Its senior management, including chairman Andy Hunter, managing director Jim Walker and monetary director Jim Boyd are to remain with the company.

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

‘Future potential’

Mr Walker said the investment by John Swire underlined Argent’s strong market position, including there was now an opportunity “to take Argent’s abilities further afield”.

Barnaby Swire, of John Swire, said his business was committed to “exploring and investing in ingenious and feasible green industries”.

He included: “We are delighted to be acquiring Argent Energy, a business which we think can grow and succeed not just within the UK but likewise 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 attributes and values that work with our own, and eagerly anticipate dealing with them to increase Argent Energy’s future potential.”

Argent was established in 2001. In 2009 it was purchased by a consortium which included senior management together with Souter Investments.

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

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