Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a leader of large-scale business 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 an undisclosed 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 personal ownership and will continue to run individually.

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

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

'Future capacity'

Mr Walker stated the investment by John Swire highlighted Argent's strong market position, adding there was now a chance "to take Argent's skills more afield".

Barnaby Swire, of John Swire, stated his company was dedicated to "checking out and purchasing ingenious and viable green markets".

He added: "We are pleased to be getting Argent Energy, a business which our company believe can grow and prosper not only 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 workers a mix of attributes and values that are compatible with our own, and anticipate working with them to maximise Argent Energy's future potential."

Argent was established in 2001. In 2009 it was bought by a consortium which consisted of senior management along with Souter Investments.

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

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