Pioneering biodiesel producer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of massive business 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 an undisclosed sum.

Argent makes green road 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 separately.

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

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

'Future capacity'

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

Swire, of John Swire, said his business was dedicated to "checking out and purchasing ingenious and viable green industries".

He included: "We are delighted to be acquiring Argent Energy, a business which our company believe can grow and succeed not just within the UK however likewise overseas, in particular in Asian markets with which Swire Group companies are familiar.

"John Swire & Sons Ltd sees in Argent Energy's workers a mix of qualities and worths that are suitable with our own, and look forward to working with them to increase Argent Energy's future capacity."

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