Pioneering biodiesel manufacturer Argent Energy sold

23 July 2013

Argent Energy, a leader of large-scale commercial production of biodiesel 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 firm will remain in and will continue to run independently.

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

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

'Future capacity'

Mr Walker said the financial investment by John Swire highlighted Argent's strong market position, adding there was now an opportunity "to take Argent's skills further afield".

Barnaby Swire, of John Swire, stated his business was devoted to "exploring and investing in innovative and feasible green markets".

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

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of attributes and worths that work with our own, and look forward to working with them to maximise Argent Energy's future potential."

Argent was established in 2001. In 2009 it was bought by a consortium which consisted of senior management in addition to Souter Investments.

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

Cooking oil to run buses in trial

4 November 2011

Argent Energy

Souter Investments