Pioneering biodiesel manufacturer Argent Energy sold

23 July 2013

Argent Energy, a pioneer of massive commercial production of biodiesel in the UK, has been bought by a green investment firm.

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

Argent makes green road fuel by recycling wastes and residues such as utilized 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, managing director Jim Walker and monetary director Jim Boyd are to stay with the .

Souter Investments, the personal investment firm of transportation tycoon Sir Brian Souter, verified it had actually offered its 37% stake in Argent.

'Future capacity'

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 further afield".

Barnaby Swire, of John Swire, stated his business was committed to "checking out and investing in innovative and practical green industries".

He added: "We are delighted to be getting Argent Energy, a business which we think can grow and flourish not only within the UK however likewise overseas, in particular in Asian markets with which Swire Group business are familiar.

"John Swire & Sons Ltd sees in Argent Energy's employees a mix of attributes and worths that work with our own, and look forward to dealing with them to maximise 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 capacity to produce up to 50 million litres of biodiesel a year.

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