Pioneering biodiesel producer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of massive industrial production of biodiesel in the UK, has actually been bought by a green investment firm.

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

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 private ownership and will continue to run separately.

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

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

'Future potential'

Mr Walker said the investment by John Swire underlined Argent's strong market position, including there was now an opportunity "to take Argent's abilities more afield".

Barnaby Swire, of John Swire, stated his business was devoted to "checking out and buying innovative and viable green industries".

He included: "We are delighted to be obtaining Argent Energy, a company which our company believe can grow and succeed not just within the UK but also 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 qualities and worths that are suitable with our own, and eagerly anticipate dealing with them to increase Argent Energy's future capacity."

Argent was established in 2001. In 2009 it was bought by a consortium which consisted of 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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