Pioneering biodiesel producer Argent Energy sold

23 July 2013

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

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 utilized cooking oil and tallow from the meat industry.

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

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

Souter Investments, the private investment firm of transportation magnate Sir Brian Souter, confirmed it had actually offered its 37% stake in Argent.

'Future potential'

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

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

He included: "We are delighted to be obtaining Argent Energy, a company which we think can grow and flourish not just 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 staff members a mix of attributes and values that are compatible with our own, and look forward to working with them to increase Argent Energy's future capacity."

Argent was established in 2001. In 2009 it was purchased by a consortium which included senior management together with Souter Investments.

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

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