Pioneering biodiesel manufacturer Argent Energy sold

23 July 2013

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

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

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

The firm will remain in personal ownership and will continue to run independently.

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 investment business of transport tycoon Sir Brian Souter, validated 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, said his company was committed to “checking out and investing in ingenious and practical green markets”.

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

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

Argent was developed in 2001. In 2009 it was bought by a consortium which consisted of senior management in addition to Souter Investments.

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

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