Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel producer Argent Energy offered


23 July 2013


Argent Energy, a pioneer of large-scale business production of biodiesel in the UK, has been bought by a 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 used cooking oil and tallow from the meat industry.


The firm will remain in personal ownership and will continue to run separately.


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 investment company of transport magnate Sir Brian Souter, validated it had sold its 37% stake in Argent.


'Future potential'


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


Barnaby Swire, of John Swire, said his business was devoted to "exploring and purchasing innovative and feasible green industries".


He added: "We are happy to be obtaining Argent Energy, a business which we believe can grow and succeed not just within the UK however also overseas, in specific in Asian markets with which Swire Group companies are familiar.


"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of characteristics and worths that are suitable with our own, and eagerly anticipate working with them to maximise Argent Energy's future potential."


Argent was developed in 2001. In 2009 it was bought by a consortium which included senior management together with Souter Investments.


Its plant at Newarthill, near Motherwell, has the capability to produce approximately 50 million litres of biodiesel a year.


Cooking oil to run buses in trial


4 November 2011


Argent Energy


Souter Investments