Pioneering biodiesel producer Argent Energy offered

23 July 2013

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

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

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

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

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

Souter Investments, the private financial investment company of transportation magnate Sir Brian Souter, confirmed it had actually sold its 37% stake in Argent.

'Future potential'

Mr Walker said the financial investment by John Swire highlighted Argent's position, adding there was now a chance "to take Argent's skills additional afield".

Barnaby Swire, of John Swire, said his business was dedicated to "exploring and buying ingenious and viable green industries".

He added: "We are pleased to be acquiring Argent Energy, a business which our company believe can grow and flourish not just within the UK but also overseas, in specific in Asian markets with which Swire Group companies recognize.

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of characteristics and values that are suitable with our own, and eagerly anticipate working with them to increase Argent Energy's future potential."

Argent was established 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 up to 50 million litres of biodiesel a year.

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