Pioneering biodiesel manufacturer offered

23 July 2013

Argent Energy, a pioneer of massive industrial production of biodiesel in the UK, has actually been bought 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 road fuel by recycling wastes and residues such as used cooking oil and tallow from the meat market.

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

Its senior management, consisting of chairman Andy Hunter, handling director Jim Walker and financial director Jim Boyd are to remain with the company.

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

'Future potential'

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

Barnaby Swire, of John Swire, stated his business was devoted to "checking out and buying innovative and feasible green industries".

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 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 eagerly anticipate dealing with them to maximise Argent Energy's future capacity."

Argent was developed in 2001. In 2009 it was purchased by a consortium which included senior management along 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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