Pioneering biodiesel producer Argent Energy offered

23 July 2013

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

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

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

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

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

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

'Future potential'

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

Barnaby Swire, of John Swire, said his company was dedicated to "checking out and purchasing ingenious and practical green industries".

He included: "We are happy to be getting 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 business recognize.

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

Argent was established 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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