Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel producer Argent Energy offered

23 July 2013

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

Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for an undisclosed amount.

Argent makes green roadway fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat market.

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

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

Souter Investments, the personal investment firm of transportation tycoon Sir Brian Souter, verified it had offered its 37% stake in Argent.

'Future capacity'

Mr Walker stated the financial investment by John Swire highlighted Argent's strong market position, including there was now a chance "to take Argent's abilities more afield".

Barnaby Swire, of John Swire, said his business was committed to "exploring and purchasing innovative and viable green industries".

He added: "We are delighted to be obtaining Argent Energy, a company which our company believe can grow and succeed not only within the UK but 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 are compatible with our own, and look forward to dealing with them to maximise Argent Energy's future potential."

Argent was developed in 2001. In 2009 it was purchased by a consortium which consisted of senior management along with Souter Investments.