Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a leader of massive commercial production of biodiesel in the UK, has been purchased by a green financial 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 stay in private ownership and will continue to run individually.

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

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

'Future capacity'

Mr Walker stated the investment by John Swire highlighted Argent's strong market position, adding there was now a chance "to take Argent's skills further afield".

Barnaby Swire, of John Swire, stated his company was devoted to "exploring and investing in ingenious and viable green industries".

He included: "We are delighted to be acquiring Argent Energy, a business which we believe can grow and flourish not just within the UK however likewise 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 values that are suitable 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 up to 50 million litres of biodiesel a year.

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