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Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a leader of large-scale commercial production of biodiesel in the UK, has actually been purchased by a green financial investment company.

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 and residues such as utilized cooking oil and tallow from the meat industry.

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

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

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

'Future capacity'

Mr Walker said the investment by John Swire underlined Argent's strong market position, adding there was now a chance "to take Argent's skills more afield".

Barnaby Swire, of John Swire, said his business was devoted to "checking out and investing in innovative and viable green industries".

He included: "We are pleased to be getting Argent Energy, a company which our company believe can grow and flourish not only within the UK but also overseas, in specific in Asian markets with which Swire Group companies are familiar.

"John Swire & Sons Ltd sees in Argent Energy's workers a mix of attributes and worths that work with our own, and eagerly anticipate working 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 capacity to produce up to 50 million litres of biodiesel a year.

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