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Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of production of biodiesel in the UK, has been purchased by a green financial investment company.

Argent, based near Motherwell, was offered 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 used cooking oil and tallow from the meat market.

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

Its senior management, consisting of 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 magnate Sir Brian Souter, validated it had offered its 37% stake in Argent.

'Future potential'

Mr Walker stated the investment by John Swire highlighted Argent's strong market position, including there was now a chance "to take Argent's abilities further afield".

Barnaby Swire, of John Swire, stated his business was devoted to "checking out and investing in ingenious and feasible green industries".

He added: "We are thrilled to be obtaining Argent Energy, a business which our company believe can grow and prosper not only within the UK however also overseas, in specific in Asian markets with which Swire Group companies 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 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 which included senior management along with 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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