Pioneering biodiesel producer Argent Energy sold

23 July 2013

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

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

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

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

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

Souter Investments, the personal financial investment business of transport magnate Sir Brian Souter, verified it had offered 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 an opportunity "to take Argent's skills more afield".

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

He added: "We are thrilled to be getting Argent Energy, a business which our company believe can grow and succeed not just within the UK but also overseas, in specific in Asian markets with which Swire Group business are familiar.

"John Swire & Sons Ltd sees in Argent Energy's workers 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 established in 2001. In 2009 it was purchased by a consortium that included senior management along 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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