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Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a leader of massive industrial 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 a concealed amount.

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 personal 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 remain with the company.

Souter Investments, the private investment firm of transport magnate 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 position, adding there was now a chance "to take Argent's abilities more afield".

Barnaby Swire, of John Swire, said his company was devoted to "exploring and buying ingenious and practical green industries".

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

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of attributes and worths that are compatible with our own, and look forward to dealing with them to increase Argent Energy's future capacity."

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

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

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