Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of massive commercial production of biodiesel in the UK, has actually been bought by a green investment firm.

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 residues such as utilized cooking oil and tallow from the meat industry.

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

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

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

'Future potential'

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

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

He added: "We are happy to be acquiring Argent Energy, a company which our company believe can grow and flourish not just within the UK but likewise overseas, in particular in Asian markets with which Swire Group business recognize.

"John Swire & Sons Ltd sees in Argent Energy's employees a mix of attributes and values that are suitable with our own, and eagerly anticipate working with them to maximise Argent Energy's future capacity."

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