oleovest-pl

Pioneering biodiesel producer Argent Energy sold

23 July 2013

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

Argent, based near Motherwell, was offered 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 industry.

The company will remain in private 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 stay with the business.

Souter Investments, the private investment company of transportation tycoon Sir Brian Souter, confirmed it had sold its 37% stake in Argent.

'Future capacity'

Mr Walker said the financial investment by John Swire underlined Argent's strong market position, adding 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 ingenious and viable green industries".

He included: "We are pleased to be acquiring Argent Energy, a business which we think can grow and prosper not just within the UK however likewise overseas, in specific in Asian markets with which Swire Group business are familiar.

"John Swire & Sons Ltd sees in staff members a mix of attributes and worths that are compatible with our own, and eagerly anticipate dealing with them to increase Argent Energy's future capacity."

Argent was developed in 2001. In 2009 it was bought by a consortium which included senior management in addition to Souter Investments.

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

Cooking oil to run buses in trial

4 November 2011

Argent Energy

Souter Investments