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Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a leader of massive commercial production of biodiesel in the UK, has been purchased by a green investment business.

Argent, based near Motherwell, was offered 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 used cooking oil and tallow from the meat industry.

The firm will remain in personal ownership and will continue to run .

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

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

'Future potential'

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

Barnaby Swire, of John Swire, stated his business was dedicated to "exploring and investing in innovative and feasible green markets".

He added: "We are thrilled to be obtaining Argent Energy, a company which our company believe can grow and prosper not only within the UK however likewise overseas, in particular in Asian markets with which Swire Group business are familiar.

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

Argent was developed 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 as much as 50 million litres of biodiesel a year.

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