Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

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

Argent, based near Motherwell, was 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 industry.

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

Its senior management, consisting of chairman Andy Hunter, managing director Jim Walker and financial director Jim Boyd are to stay with the business.

Souter Investments, the personal investment firm of transport magnate Sir Brian Souter, confirmed it had sold 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 abilities more afield".

Barnaby Swire, of John Swire, stated his business was committed to "checking out and purchasing innovative and viable green markets".

He added: "We are pleased to be obtaining Argent Energy, a business which our company believe can grow and flourish not only within the UK however likewise overseas, in specific in Asian markets with which Swire Group companies recognize.

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

Argent was developed in 2001. In 2009 it was bought by a consortium that included senior management together with Souter Investments.

Its plant at Newarthill, near Motherwell, has the capability to produce up to 50 million litres of biodiesel a year.

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