Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel producer Argent Energy sold


23 July 2013


Argent Energy, a pioneer of large-scale commercial production of in the UK, has actually been bought by a green investment firm.


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


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 personal ownership and will continue to run independently.


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


Souter Investments, the private financial investment business of transportation tycoon Sir Brian Souter, confirmed it had actually offered its 37% stake in Argent.


'Future capacity'


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


Barnaby Swire, of John Swire, stated his business was dedicated to "exploring and purchasing innovative and practical green markets".


He added: "We are thrilled to be obtaining Argent Energy, a company which our company believe can grow and flourish 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 employees a mix of qualities and worths that work with our own, and look forward to working with them to maximise Argent Energy's future capacity."


Argent was developed in 2001. In 2009 it was bought by a consortium which consisted of senior management along with Souter Investments.


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


Cooking oil to run buses in trial


4 November 2011


Argent Energy


Souter Investments