Pioneering biodiesel manufacturer Argent Energy sold

23 July 2013

Argent Energy, a leader of large-scale commercial production of biodiesel in the UK, has actually been bought by a green financial investment company.

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

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

The firm will remain in personal ownership and will continue to run separately.

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

Souter Investments, the private financial investment company of Sir Brian Souter, validated it had actually offered its 37% stake in Argent.

'Future potential'

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

Barnaby Swire, of John Swire, said his business was devoted to "checking out and purchasing ingenious and viable green industries".

He added: "We are delighted to be acquiring Argent Energy, a company which we believe can grow and succeed not only within the UK however also overseas, in specific in Asian markets with which Swire Group business recognize.

"John Swire & Sons Ltd sees in Argent Energy's workers a mix of characteristics and worths that work with our own, and eagerly anticipate dealing with them to maximise Argent Energy's future capacity."

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