Pioneering biodiesel manufacturer Argent Energy sold

23 July 2013

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

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

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

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

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

Souter Investments, the personal investment firm of transportation magnate Sir Brian Souter, validated it had actually sold its 37% stake in Argent.

'Future potential'

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

Barnaby Swire, of John Swire, said his company was committed to "exploring and buying ingenious and viable green markets".

He included: "We are thrilled to be acquiring Argent Energy, a business which we think can grow and flourish not just within the UK but likewise overseas, in particular in Asian markets with which Swire Group companies are familiar.

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

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 capability to produce approximately 50 million litres of biodiesel a year.

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