Pioneering biodiesel producer Argent Energy sold

23 July 2013

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

Argent, based near Motherwell, was offered 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 market.

The firm will stay in private ownership and will continue to run independently.

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

Souter Investments, the personal financial investment company of transportation magnate Sir Brian Souter, verified it had actually offered its 37% stake in Argent.

'Future capacity'

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

Barnaby Swire, of John Swire, stated his business was committed to "exploring and purchasing innovative and feasible green industries".

He added: "We are pleased to be obtaining Argent Energy, a business which we believe can grow and prosper 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 employees a mix of qualities and values that are compatible with our own, and anticipate dealing with them to maximise Argent Energy's future capacity."

Argent was developed in 2001. In 2009 it was purchased by a consortium that included senior management in addition to Souter Investments.

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

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