Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of large-scale business 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 an undisclosed sum.

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

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

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

Souter Investments, the personal investment business of transport tycoon Sir Brian Souter, verified it had offered its 37% stake in Argent.

'Future capacity'

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

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

He included: "We are delighted to be obtaining Argent Energy, a business which we think can grow and flourish not only within the UK but also overseas, in particular in Asian markets with which Swire Group business are familiar.

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

Argent was established in 2001. In 2009 it was purchased by a consortium which included senior management along with Souter Investments.

Its plant at Newarthill, near Motherwell, has the capacity to produce as much as 50 million litres of biodiesel a year.

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