Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a leader of large-scale business production of biodiesel in the UK, has actually been bought by a green financial investment company.

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

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

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

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

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

‘Future capacity’

Mr Walker stated the financial investment by John Swire underlined Argent’s strong market position, adding there was now an opportunity “to take Argent’s skills more afield”.

Barnaby Swire, of John Swire, said his business was committed to “exploring and buying ingenious and feasible green markets”.

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

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

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

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

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