Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a leader of massive 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 sum.

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

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

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

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

'Future potential'

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

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

He included: "We are happy to be obtaining Argent Energy, a business which our company believe can grow and prosper not just within the UK but also overseas, in particular in Asian markets with which Swire Group business recognize.

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

Argent was established in 2001. In 2009 it was bought 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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