Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a leader of massive business production of biodiesel in the UK, has been purchased by a green financial investment business.

Argent, based near Motherwell, was sold 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 market.

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

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

Souter Investments, the private investment company of transportation tycoon Sir Brian Souter, confirmed it had actually sold its 37% stake in Argent.

'Future potential'

Mr Walker stated the financial investment by John Swire strong market position, adding there was now an opportunity "to take Argent's skills additional afield".

Barnaby Swire, of John Swire, said his company was devoted to "exploring and investing in ingenious and practical green markets".

He included: "We are pleased to be obtaining Argent Energy, a business which we believe can grow and prosper not just within the UK but also overseas, in specific in Asian markets with which Swire Group companies recognize.

"John Swire & Sons Ltd sees in Argent Energy's workers a mix of characteristics and values that work with our own, and eagerly anticipate dealing with them to maximise Argent Energy's future potential."

Argent was established 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 approximately 50 million litres of biodiesel a year.

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Argent Energy

Souter Investments