Pioneering biodiesel producer Argent Energy offered

23 July 2013

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

Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for an undisclosed sum.

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

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

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

Souter Investments, the private financial investment business of transport magnate Sir Brian Souter, confirmed it had 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 skills further afield".

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

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

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

Argent was established in 2001. In 2009 it was purchased by a consortium which consisted of senior management along with Souter Investments.

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

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