Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel producer Argent Energy sold

23 July 2013

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

Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for an undisclosed 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 and will continue to run individually.

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

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

‘Future potential’

Mr Walker stated the financial investment by John Swire highlighted 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 company was committed to “exploring and buying ingenious and viable green industries”.

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

“John Swire & Sons Ltd sees in Argent Energy’s employees a mix of characteristics and values that are compatible with our own, and anticipate working with them to maximise Argent Energy’s future capacity.”

Argent was developed in 2001. In 2009 it was bought by a consortium which 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.

Cooking oil to run buses in trial

4 November 2011

Argent Energy

Souter Investments