Pioneering biodiesel producer Argent Energy sold

23 July 2013

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

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 utilized cooking oil and tallow from the meat market.

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

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

Souter Investments, the private financial investment company of transport tycoon Sir Brian Souter, validated it had sold 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 a chance "to take Argent's abilities further afield".

Barnaby Swire, of John Swire, stated his business was devoted to "exploring and investing in ingenious and practical green industries".

He added: "We are delighted to be getting 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 companies recognize.

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of qualities and worths that are compatible with our own, and anticipate dealing with them to increase Argent Energy's future capacity."

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

Its plant at Newarthill, near Motherwell, has the capability to produce approximately 50 million litres of biodiesel a year.

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