Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel producer Argent Energy sold

23 July 2013

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

Argent, based near Motherwell, was sold to a subsidiary of Swire & Sons for an undisclosed 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, including chairman Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to stay with the business.

Souter Investments, the personal financial investment business of transportation magnate Sir Brian Souter, verified it had actually offered its 37% stake in Argent.

‘Future capacity’

Mr Walker stated the investment by John Swire underlined Argent’s strong market position, including 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 viable green industries”.

He included: “We are pleased to be obtaining Argent Energy, a company which our company believe can grow and prosper not only within the UK however likewise overseas, in specific in Asian markets with which Swire Group companies are familiar.

“John Swire & Sons Ltd sees in Argent Energy’s workers a mix of characteristics and worths that are compatible with our own, and eagerly 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 in addition to 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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