Pioneering biodiesel manufacturer Argent Energy sold

23 July 2013

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

Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for an undisclosed sum.

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

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

Its senior management, consisting of chairman Andy Hunter, handling director Jim Walker and financial director Jim Boyd are to stay with the business.

Souter Investments, the personal financial investment company of transport tycoon Sir Brian Souter, validated it had actually offered its 37% stake in Argent.

'Future potential'

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

Barnaby Swire, of John Swire, stated his business was committed to "checking out and buying innovative and practical green industries".

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

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of attributes and worths that work with our own, and eagerly anticipate working with them to maximise Argent Energy's future potential."

Argent was developed in 2001. In 2009 it was purchased by a consortium that included senior management in addition to Souter Investments.

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

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