Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a leader of massive commercial production of biodiesel in the UK, has actually been purchased by a green investment firm.

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 separately.

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

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

'Future capacity'

Mr Walker said the financial investment by John Swire highlighted market position, including there was now an opportunity "to take Argent's skills further afield".

Barnaby Swire, of John Swire, stated his business was devoted to "exploring and investing in innovative and practical green industries".

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

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of attributes and worths that are compatible with our own, and anticipate dealing with them to maximise Argent Energy's future potential."

Argent was developed 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 capacity to produce as much as 50 million litres of biodiesel a year.

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