Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel producer offered

23 July 2013

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

Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for a concealed sum.

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 personal ownership and will continue to run individually.

Its senior management, consisting of 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 tycoon Sir Brian Souter, validated it had actually sold its 37% stake in Argent.

‘Future capacity’

Mr Walker said the financial investment by John Swire underlined Argent’s strong market position, including there was now a chance “to take Argent’s skills more afield”.

Barnaby Swire, of John Swire, stated his business was dedicated to “checking out and buying innovative and practical green industries”.

He included: “We are pleased to be obtaining Argent Energy, a business which we believe can grow and prosper not only within the UK however likewise overseas, in particular in Asian markets with which Swire Group companies are familiar.

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

Argent was developed in 2001. In 2009 it was purchased by a consortium that 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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