Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a pioneer of large-scale industrial production of biodiesel in the UK, has actually been bought by a green financial investment company.

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

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

The company will stay in private ownership and will continue to run individually.

Its senior management, including chairman Andy Hunter, managing director Jim Walker and monetary director Jim Boyd are to stay with the business.

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

potential'

Mr Walker said the 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 business was committed to "checking out and purchasing ingenious and viable green markets".

He included: "We are delighted to be getting Argent Energy, a company which our company believe can grow and flourish not just within the UK but also overseas, in particular in Asian markets with which Swire Group companies recognize.

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

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

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