Pioneering biodiesel manufacturer Argent Energy sold

23 July 2013

Argent Energy, a pioneer of massive industrial production of biodiesel in the UK, has been purchased 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 roadway fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat market.

The firm will stay in private ownership and will continue to run independently.

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

Souter Investments, the personal investment firm of transport tycoon Sir Brian Souter, confirmed it had actually 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 company was committed to "exploring and purchasing innovative and viable green industries".

He included: "We are happy to be getting Argent Energy, a company which our company believe can grow and flourish not only within the UK however also overseas, in particular in Asian markets with which Swire Group companies recognize.

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

Argent was established in 2001. In 2009 it was bought by a consortium which consisted of 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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