Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel manufacturer offered

23 July 2013

Argent Energy, a pioneer of massive 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 road fuel by recycling wastes and residues such as used cooking oil and tallow from the meat industry.

The firm will stay in private ownership and will continue to run separately.

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

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

‘Future potential’

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 further afield”.

Barnaby Swire, of John Swire, said his business was devoted to “exploring and purchasing ingenious and feasible green markets”.

He added: “We are pleased to be getting Argent Energy, a business which we believe can grow and succeed not only 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 staff members a mix of attributes and values that are suitable with our own, and eagerly anticipate dealing with them to increase Argent Energy’s future potential.”

Argent was developed in 2001. In 2009 it was bought by a consortium that included senior management along with Souter Investments.

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

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