Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

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

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

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

The firm will remain in personal ownership and will continue to run independently.

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

Souter Investments, the private investment business of transportation magnate Sir Brian Souter, verified it had offered its 37% stake in Argent.

'Future capacity'

Mr Walker said the investment by John Swire underlined 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 dedicated to "exploring and purchasing ingenious and feasible green markets".

He included: "We are happy to be obtaining Argent Energy, a company which we believe can grow and flourish not only within the UK however likewise overseas, in particular in Asian markets with which Swire Group companies recognize.

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

Argent was established in 2001. In 2009 it was bought by a consortium that included senior management along with 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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