Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel producer Argent Energy offered


23 July 2013


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


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


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


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


Its senior management, including chairman Andy Hunter, handling director Jim Walker and financial director Jim Boyd are to stay with the company.


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


'Future capacity'


Mr Walker said the financial investment by John Swire highlighted Argent's strong market position, including there was now a chance "to take Argent's skills more afield".


Barnaby Swire, of John Swire, said his company was devoted to "exploring and purchasing ingenious and viable green markets".


He added: "We are delighted to be acquiring Argent Energy, a business which our company believe can grow and flourish 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 Argent Energy's employees a mix of attributes and values that work with our own, and eagerly anticipate dealing with them to maximise Argent Energy's future potential."


Argent was established in 2001. In 2009 it was purchased by a consortium which 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.


Cooking oil to run buses in trial


4 November 2011


Argent Energy


Souter Investments