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Pioneering biodiesel manufacturer Argent Energy sold

23 July 2013

Argent Energy, a pioneer of massive business production of biodiesel in the UK, has been bought by a green financial investment business.

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 industry.

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

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

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

'Future capacity'

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

Barnaby Swire, of John Swire, stated his business was dedicated to "exploring and purchasing ingenious and viable green markets".

He added: "We are happy to be getting Argent Energy, a business which we believe can grow and prosper not only within the UK however also overseas, in particular in Asian markets with which Swire Group business are familiar.

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

Argent was developed in 2001. In 2009 it was bought by a consortium that included senior management in addition to 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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