Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a leader 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 offered 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 utilized cooking oil and tallow from the meat industry.

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

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

Souter Investments, the private investment business of transport tycoon Sir Brian Souter, verified it had sold 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 abilities more afield".

Barnaby Swire, of John Swire, stated his business was dedicated to "exploring and investing in innovative and practical green industries".

He included: "We are thrilled to be obtaining Argent Energy, a business which we believe can grow and prosper not just within the UK but likewise overseas, in particular in Asian markets with which Swire Group business recognize.

"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 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 capability to produce as much as 50 million litres of biodiesel a year.

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