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Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a leader of large-scale industrial production of biodiesel in the UK, has been bought by a green investment company.

Argent, based near Motherwell, was sold 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 and tallow from the meat market.

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

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

Souter Investments, the private investment company of transport tycoon Sir Brian Souter, verified it had offered its 37% stake in Argent.

'Future capacity'

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

Barnaby Swire, of John Swire, said his company was devoted to "checking out and buying ingenious and viable green markets".

He added: "We are thrilled to be acquiring Argent Energy, a company which we believe can grow and succeed not only within the UK but likewise overseas, in specific in Asian markets with which Swire Group business are familiar.

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of qualities and values that are compatible with our own, and anticipate working with them to maximise Argent Energy's future potential."

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 as much as 50 million litres of biodiesel a year.

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