Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

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

Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for an undisclosed amount.

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

The firm will remain in personal 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 private investment firm of transportation tycoon Sir Brian Souter, verified it had sold its 37% stake in Argent.

'Future capacity'

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

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

He added: "We are thrilled to be acquiring Argent Energy, a company which we think can grow and prosper not just within the UK but also overseas, in particular in Asian markets with which Swire Group companies are familiar.

"John Swire & Sons Ltd sees in Argent Energy's employees a mix of qualities and worths that are suitable with our own, and eagerly anticipate dealing with them to increase Argent Energy's future potential."

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

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

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