Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a leader of large-scale industrial production of biodiesel in the UK, has been purchased by a green investment firm.

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

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

The firm will remain in private ownership and will continue to run separately.

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

Souter Investments, the private investment business of transport magnate Sir Brian Souter, confirmed it had offered its 37% stake in Argent.

'Future potential'

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

Barnaby Swire, of John Swire, stated his business was dedicated to "exploring and purchasing ingenious and viable green markets".

He added: "We are pleased to be obtaining Argent Energy, a company which we believe can grow and prosper not only within the UK but also overseas, in particular in Asian markets with which Swire Group companies are familiar.

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of qualities and worths that work with our own, and eagerly anticipate working with them to increase Argent Energy's future potential."

Argent was developed in 2001. In 2009 it was purchased by a consortium which consisted of senior management in addition to 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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