Pioneering biodiesel manufacturer 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 financial investment company.

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 individually.

Its senior management, consisting of chairman Andy Hunter, handling director Jim Walker and monetary director Jim Boyd are to stay with the business.

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

'Future capacity'

Mr Walker stated the financial investment by John Swire underlined Argent's strong market position, including there was now a chance "to take Argent's abilities further afield".

Barnaby Swire, of John Swire, said his company was devoted to "exploring and purchasing ingenious and viable green industries".

He included: "We are pleased to be getting Argent Energy, a company which our company believe can grow and flourish 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 characteristics 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 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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