Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

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

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

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

The company will stay in personal ownership and will continue to run individually.

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

Souter Investments, the private investment firm of transport tycoon Sir Brian Souter, confirmed it had offered its 37% stake in Argent.

'Future potential'

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

Barnaby Swire, of John Swire, said his business was committed to "exploring and investing in innovative and viable green markets".

He included: "We are thrilled to be getting Argent Energy, a company which we believe can grow and succeed not just within the UK but also overseas, in specific in Asian markets with which Swire Group business are familiar.

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of qualities and worths that are compatible with our own, and look forward to dealing 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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