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Pioneering biodiesel producer Argent Energy sold

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 amount.

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

The company will stay in private 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 company.

Souter Investments, the private financial investment business of transport tycoon Sir Brian Souter, verified it had actually sold its 37% stake in Argent.

'Future potential'

Mr Walker stated the financial investment by John Swire highlighted Argent's position, adding there was now a chance "to take Argent's abilities more afield".

Barnaby Swire, of John Swire, stated his business was dedicated to "checking out and purchasing innovative and practical green markets".

He added: "We are happy to be acquiring Argent Energy, a company which we believe can grow and flourish not only within the UK but likewise overseas, in specific in Asian markets with which Swire Group companies recognize.

"John Swire & Sons Ltd sees in Argent Energy's workers a mix of attributes and worths that work with our own, and look forward to working with them to increase Argent Energy's future potential."

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