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 financial investment business.

Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for a concealed sum.

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

The firm will stay in personal ownership and will continue to run individually.

Its senior management, including chairman Andy Hunter, managing director Jim Walker and monetary director Jim Boyd are to remain with the company.

Souter Investments, the personal financial investment business of transportation tycoon Sir Brian Souter, validated it had 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 a chance "to take Argent's abilities additional afield".

Barnaby Swire, of John Swire, stated his business was committed to "exploring and purchasing innovative and feasible green industries".

He added: "We are happy to be obtaining Argent Energy, a company which we believe can grow and prosper not only within the UK however likewise overseas, in specific in Asian markets with which Swire Group business are familiar.

"John Swire & Sons Ltd sees in Argent Energy's workers a mix of attributes and worths that are compatible with our own, and eagerly anticipate dealing with them to maximise Argent Energy's future potential."

Argent was established in 2001. In 2009 it was purchased by a consortium that included senior management together with 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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