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Pioneering biodiesel producer Argent Energy offered

23 July 2013

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

Argent, based near Motherwell, was offered 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 utilized cooking oil and tallow from the meat industry.

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

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

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

'Future potential'

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

Barnaby Swire, of John Swire, said his business was devoted to "exploring and buying innovative and feasible green industries".

He included: "We are thrilled to be obtaining Argent Energy, a company which our company believe can grow and prosper not only within the UK but likewise overseas, in particular in Asian markets with which Swire Group business are familiar.

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

Argent was established in 2001. In 2009 it was bought by a consortium which included senior management together with 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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