Pioneering biodiesel manufacturer Argent Energy sold

23 July 2013

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

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 utilized cooking oil and tallow from the meat industry.

The firm will remain in personal ownership and will continue to run independently.

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

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

'Future potential'

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

Barnaby Swire, of John Swire, stated his company was devoted to "exploring and purchasing ingenious and feasible green markets".

He included: "We are happy to be obtaining Argent Energy, a business which we think can grow and succeed not just within the UK however also overseas, in specific in Asian markets with which Swire Group business are familiar.

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

Argent was established in 2001. In 2009 it was purchased by a consortium that included 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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