Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

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

Argent, based near Motherwell, was offered 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 firm will remain in private 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 private investment firm of transport tycoon Sir Brian Souter, confirmed it had offered its 37% stake in Argent.

potential’

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

Barnaby Swire, of John Swire, stated his business was committed to “checking out and purchasing innovative and feasible green markets”.

He added: “We are thrilled to be acquiring Argent Energy, a company which we believe can grow and succeed not just within the UK but likewise overseas, in particular in Asian markets with which Swire Group business are familiar.

“John Swire & Sons Ltd sees in Argent Energy’s staff members a mix of qualities and worths that work with our own, and eagerly anticipate working with them to maximise Argent Energy’s future capacity.”

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

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

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