Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a leader of large-scale commercial production of biodiesel in the UK, has actually been bought by a green investment firm.

Argent, based near Motherwell, was offered 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 used cooking oil and tallow from the meat industry.

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

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

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

'Future capacity'

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

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

He added: "We are delighted to be getting Argent Energy, a company which we think can grow and succeed not only within the UK but likewise overseas, in specific in Asian markets with which Swire Group companies are familiar.

"John Swire & Sons Ltd sees in Argent Energy's workers a mix of qualities and values that are suitable 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 bought by a consortium that included senior management in addition to Souter Investments.

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

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