Pioneering biodiesel producer Argent Energy sold

23 July 2013

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

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

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

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

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

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

'Future potential'

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

Barnaby Swire, of John Swire, said his business was committed to "exploring and buying innovative and feasible green markets".

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

"John Swire & Sons Ltd sees in Argent Energy's employees a mix of attributes and worths that work with our own, and anticipate dealing with them to increase Argent Energy's future capacity."

Argent was developed in 2001. In 2009 it was purchased by a consortium which consisted of senior management together with Souter Investments.

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

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