Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of massive industrial production of biodiesel in the UK, has actually been purchased by a green financial investment company.

Argent, based near Motherwell, was sold to a subsidiary of Swire & Sons for an undisclosed amount.

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

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

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

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

'Future potential'

Mr Walker stated the investment by John Swire highlighted Argent's strong market position, including there was now an opportunity "to take Argent's abilities further afield".

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

He added: "We are delighted to be getting Argent Energy, a company which we think can grow and succeed not only within the UK but also overseas, in particular in Asian markets with which Swire Group business are familiar.

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of characteristics and worths that are compatible with our own, and anticipate 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 together 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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