Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a leader of massive industrial production of biodiesel in the UK, has been bought 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 remain 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 investment firm of transport magnate Sir Brian Souter, verified it had actually sold its 37% stake in Argent.

'Future capacity'

Mr Walker stated the investment by John Swire highlighted Argent's strong market position, adding there was now an opportunity "to take Argent's skills more afield".

Barnaby Swire, of John Swire, said his business was dedicated to "exploring and investing in ingenious and practical green markets".

He included: "We are happy to be getting Argent Energy, a business which our company believe can grow and succeed not only within the UK however also overseas, in particular in Asian markets with which Swire Group companies recognize.

"John Swire & Sons Ltd sees in Argent Energy's workers a mix of characteristics and values that are suitable with our own, and anticipate working 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 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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