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Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of massive industrial production of biodiesel in the UK, has actually been bought by a green financial investment business.

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 market.

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

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

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

'Future capacity'

Mr Walker said the investment by John Swire underlined Argent's strong market position, including there was now a chance "to take Argent's abilities additional afield".

Barnaby Swire, of John Swire, said his company was committed to "exploring and buying ingenious and feasible green industries".

He added: "We are thrilled to be getting Argent Energy, a business which our company believe can grow and prosper not only within the UK however also overseas, in particular in Asian markets with which Swire Group companies recognize.

"John Swire & Sons Ltd sees in Argent Energy's employees a mix of qualities and worths that work with our own, and anticipate dealing with them to increase 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 approximately 50 million litres of biodiesel a year.

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