Pioneering biodiesel producer Argent Energy offered

23 July 2013

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

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 utilized cooking oil and tallow from the meat industry.

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

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

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

'Future capacity'

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 skills further afield".

Barnaby Swire, of John Swire, said his business was dedicated to "checking out and buying ingenious and viable green industries".

He added: "We are happy to be acquiring Argent Energy, a company which our company believe can grow and succeed not just within the UK however likewise 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 characteristics 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 that included senior management along with 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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