Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

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

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

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

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

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

Souter Investments, the personal investment firm of transportation tycoon Sir Brian Souter, confirmed it had sold its 37% stake in Argent.

'Future capacity'

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

Barnaby Swire, of John Swire, said his business was committed to "exploring and buying ingenious and feasible green markets".

He added: "We are pleased to be getting Argent Energy, a business which we believe can grow and prosper not just within the UK but also overseas, in specific in Asian markets with which Swire Group business recognize.

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of qualities and worths that work with our own, and look forward to working with them to maximise Argent Energy's future capacity."

Argent was established in 2001. In 2009 it was purchased by a consortium that included senior management in addition to Souter Investments.

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

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