Pioneering biodiesel producer Argent Energy offered

23 July 2013

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

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

Argent makes green road fuel by recycling wastes and such as used cooking oil and tallow from the meat market.

The company will remain in private ownership and will continue to run independently.

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

Souter Investments, the personal financial investment business of transport magnate Sir Brian Souter, verified it had offered its 37% stake in Argent.

'Future potential'

Mr Walker said the financial investment by John Swire highlighted Argent's strong market position, adding there was now a chance "to take Argent's skills additional afield".

Barnaby Swire, of John Swire, stated his company was dedicated to "checking out and purchasing innovative and practical green industries".

He included: "We are happy to be obtaining Argent Energy, a company which our company believe can grow and flourish 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 staff members a mix of attributes and values that are suitable with our own, and anticipate working with them to maximise Argent Energy's future capacity."

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

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

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