Pioneering Biodiesel Producer Argent Energy Sold

Pioneering biodiesel producer Argent Energy offered

23 July 2013

Argent Energy, a leader of large-scale commercial production of biodiesel in the UK, has actually been purchased 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 utilized cooking oil and tallow from the meat market.

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

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

Souter Investments, the private financial investment company of transport magnate Sir Brian Souter, verified it had actually sold its 37% stake in Argent.

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 buying ingenious and viable green markets”.

He added: „We are pleased to be getting Argent Energy, a company which we think can grow and prosper not just within the UK but also overseas, in particular in Asian markets with which Swire Group business recognize.

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

Argent was established in 2001. In 2009 it was purchased by a consortium that 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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4 November 2011

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Souter Investments