Pioneering biodiesel manufacturer Argent Energy sold

23 July 2013

Argent Energy, a pioneer of large-scale business production of biodiesel in the UK, has been purchased by a green financial investment business.

Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for a concealed amount.

Argent makes green roadway fuel by recycling wastes and residues such as used cooking oil and tallow from the meat market.

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 monetary director Jim Boyd are to stay with the company.

Souter Investments, the private investment company of transport tycoon Sir Brian Souter, confirmed it had 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 an opportunity "to take Argent's skills more afield".

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

He included: "We are delighted to be acquiring Argent Energy, a business which our company believe can grow and prosper not just within the UK but likewise overseas, in specific in Asian markets with which Swire Group business are familiar.

" & Sons Ltd sees in Argent Energy's workers a mix of qualities and worths that are suitable with our own, and look forward to working with them to increase Argent Energy's future potential."

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 approximately 50 million litres of biodiesel a year.

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