Pioneering Biodiesel Producer Argent Energy Sold
Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a leader of massive industrial production of biodiesel in the UK, has actually been purchased by a green financial investment company.
Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for an undisclosed amount.
Argent makes green road fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat market.
The company will remain in private ownership and will continue to run individually.
Its senior management, including chairman Andy Hunter, handling 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 sold its 37% stake in Argent.
‘Future potential’
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, said his company was to “checking out and buying innovative and viable green industries”.
He included: “We are happy to be acquiring Argent Energy, a business which our company believe can grow and prosper not only within the UK however also overseas, in specific 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 values that work with our own, and look forward to dealing with them to maximise Argent Energy’s future capacity.”
Argent was developed 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