Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel manufacturer Argent Energy sold

23 July 2013

Argent Energy, a leader of massive industrial production of biodiesel in the UK, has actually been purchased by a green investment firm.

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

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

The company will remain in private ownership and will continue to run separately.

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

Souter Investments, the personal investment firm of transport magnate Sir Brian Souter, validated it had sold its 37% stake in Argent.

‘Future potential’

Mr Walker said the investment by John Swire highlighted Argent’s strong market position, adding 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 purchasing innovative and feasible green markets”.

He included: “We are pleased to be getting Argent Energy, a company which our company believe can grow and prosper not just within the UK but also overseas, in particular in Asian markets with which Swire Group business recognize.

“John Swire & Sons Ltd sees in 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 that included senior management in addition to 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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