Pioneering biodiesel producer sold

23 July 2013

Argent Energy, a pioneer of large-scale industrial production of biodiesel in the UK, has actually been purchased 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 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 separately.

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

Souter Investments, the personal financial investment company of transport tycoon Sir Brian Souter, confirmed it had offered its 37% stake in Argent.

‘Future potential’

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

Barnaby Swire, of John Swire, stated his company was dedicated to “exploring and investing in innovative and practical green markets”.

He added: “We are delighted to be getting Argent Energy, a company which our company believe can grow and prosper not only within the UK however also overseas, in particular in Asian markets with which Swire Group companies 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 purchased by a consortium that included senior management in addition to 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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Argent Energy

Souter Investments