Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel manufacturer Argent Energy sold

23 July 2013

Argent Energy, a pioneer of massive industrial production of biodiesel in the UK, has actually been bought by a green financial investment business.

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 utilized cooking oil and tallow from the meat market.

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

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

Souter Investments, the personal financial investment company of transportation tycoon 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 a chance “to take Argent’s skills further afield”.

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

He added: “We are pleased to be getting Argent Energy, a business 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 business recognize.

“John Swire & Sons Ltd sees in Argent Energy’s workers a mix of attributes and values that work with our own, and anticipate working with them to maximise Argent Energy’s future potential.”

Argent was established in 2001. In 2009 it was bought by a consortium which included senior management along with Souter Investments.

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

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Souter Investments