Pioneering biodiesel producer Argent Energy offered

23 July 2013

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

Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for a concealed amount.

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

The firm will remain in personal 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 remain with the business.

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

'Future capacity'

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

Barnaby Swire, of John Swire, said his business was committed to "checking out and purchasing ingenious and feasible green industries".

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

"John Swire & Sons Ltd sees in employees a mix of attributes and worths that work with our own, and look forward to working 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 together with Souter Investments.

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

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