m2-capital-sdn.-bhd

Pioneering biodiesel producer Argent Energy sold

23 July 2013

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

Argent, based near Motherwell, was offered to a subsidiary of 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 industry.

The firm 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 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.

'Future potential'

Mr Walker said the investment by John Swire highlighted Argent's strong market position, including there was now a chance "to take Argent's skills additional afield".

Barnaby Swire, of John Swire, said his company was dedicated to "exploring and purchasing innovative and feasible green markets".

He included: "We are delighted to be getting Argent Energy, a business 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 recognize.

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

Argent was established in 2001. In 2009 it was purchased by a consortium that included senior management in addition to Souter Investments.

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

Cooking oil to run buses in trial

4 November 2011

Argent Energy

Souter Investments