Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of massive industrial production of biodiesel in the UK, has been bought by a green investment firm.

Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for an undisclosed sum.

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

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

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

Souter Investments, the private investment firm of transportation magnate Sir Brian Souter, confirmed 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 an opportunity “to take Argent’s skills further afield”.

Barnaby Swire, of John Swire, said his was devoted to “exploring and buying ingenious and practical green industries”.

He added: “We are pleased to be acquiring Argent Energy, a business which we think can grow and flourish not only within the UK but also overseas, in particular in Asian markets with which Swire Group companies are familiar.

“John Swire & Sons Ltd sees in Argent Energy’s workers a mix of qualities and values 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 purchased by a consortium that included senior management along with Souter Investments.

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

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4 November 2011

Argent Energy

Souter Investments