oleovest-pl

Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a leader of massive business production of biodiesel in the UK, has been purchased by a green investment firm.

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

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

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

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

Souter Investments, the personal financial investment company of transport tycoon Sir Brian Souter, verified it had actually offered its 37% stake in Argent.

'Future potential'

Mr Walker stated the financial investment by John Swire highlighted Argent's strong market position, adding there was now an opportunity "to take Argent's abilities further afield".

Barnaby Swire, of John Swire, stated his business was dedicated to "checking out and investing in innovative and practical green industries".

He included: "We are thrilled to be getting Argent Energy, a company which we think can grow and flourish not only within the UK however also overseas, in specific in Asian markets with which Swire Group companies are familiar.

"John Swire & Sons Ltd sees in Argent Energy's workers a mix of and worths that are suitable with our own, and anticipate dealing with them to increase Argent Energy's future potential."

Argent was developed in 2001. In 2009 it was bought by a consortium that included senior management together with Souter Investments.

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

Cooking oil to run buses in trial

4 November 2011

Argent Energy

Souter Investments