Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a leader of large-scale business production of biodiesel in the UK, has actually been purchased by a green financial investment company.

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

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

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

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

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

‘Future capacity'

Mr Walker stated the investment by John Swire highlighted Argent's strong market position, adding there was now an opportunity “to take Argent's abilities additional afield”.

Barnaby Swire, of John Swire, stated his business was committed to “checking out and investing in innovative and practical green industries”.

He included: “We are delighted to be obtaining Argent Energy, a company which we believe can grow and succeed not only within the UK but likewise overseas, in specific 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 are compatible with our own, and eagerly anticipate working with them to maximise Argent Energy's future capacity.“

Argent was established in 2001. In 2009 it was bought by a consortium that included senior management in addition to 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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