Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a leader of massive industrial production of biodiesel in the UK, has actually been bought by a green financial investment company.

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 market.

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

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

Souter Investments, the personal financial investment business of transportation magnate Sir Brian Souter, validated it had sold 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, said his business was devoted to "checking out and purchasing innovative and practical green markets".

He added: "We are thrilled to be acquiring Argent Energy, a business which we 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 workers a mix of attributes and worths that are compatible with our own, and anticipate working with them to increase Argent Energy's future potential."

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 approximately 50 million litres of biodiesel a year.

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