Pioneering biodiesel manufacturer Argent Energy sold

23 July 2013

Argent Energy, a leader of massive commercial production of biodiesel in the UK, has been bought by a green financial investment company.

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

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

The firm will stay in private ownership and will continue to run independently.

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

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

'Future capacity'

Mr Walker said the investment by John Swire underlined Argent's strong market position, adding there was now an opportunity "to take Argent's abilities additional afield".

Barnaby Swire, of John Swire, stated his company was committed to "exploring and purchasing ingenious and practical green industries".

He added: "We are happy to be obtaining Argent Energy, a business which our company believe can grow and succeed not just within the UK but likewise overseas, in specific in Asian markets with which Swire Group companies recognize.

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

Argent was developed in 2001. In 2009 it was purchased by a consortium that included senior management together 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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