Pioneering biodiesel producer Argent Energy offered

23 July 2013

Argent Energy, a leader of massive commercial production of biodiesel in the UK, has actually 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 roadway fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat industry.

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

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

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

'Future capacity'

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

Barnaby Swire, of John Swire, said his company was dedicated to "exploring and buying ingenious and viable green markets".

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

" & Sons Ltd sees in Argent Energy's staff members a mix of characteristics and values that work with our own, and anticipate working with them to increase Argent Energy's future capacity."

Argent was established 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