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Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a pioneer of large-scale commercial production of biodiesel in the UK, has actually been bought by a green investment firm.

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

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

The company will remain in personal ownership and will continue to run separately.

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

Souter Investments, the personal investment firm of transport magnate Sir Brian Souter, validated it had actually sold its 37% stake in Argent.

'Future potential'

Mr Walker stated the financial investment by John Swire strong market position, adding there was now an opportunity "to take Argent's skills more afield".

Barnaby Swire, of John Swire, said his business was committed to "exploring and investing in ingenious and viable green industries".

He included: "We are pleased to be obtaining Argent Energy, a business which we think can grow and prosper not only within the UK however 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 values that are suitable 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 purchased by a consortium which consisted of senior management in addition to Souter Investments.

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

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