Pioneering biodiesel producer Argent Energy offered

23 July 2013

Argent Energy, a leader of massive industrial production of biodiesel in the UK, has 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 roadway fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat market.

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

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

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

'Future capacity'

Mr Walker stated the financial investment by John Swire highlighted Argent's position, adding there was now a chance "to take Argent's abilities more afield".

Barnaby Swire, of John Swire, said his company was committed to "checking out and purchasing innovative and practical green markets".

He added: "We are delighted to be obtaining Argent Energy, a company which we think can grow and succeed not just within the UK but also overseas, in particular in Asian markets with which Swire Group business recognize.

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of attributes 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 bought by a consortium that included senior management along 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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