Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

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

Argent, based near Motherwell, was sold 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 used cooking oil and tallow from the meat industry.

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

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

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

‘Future potential’

Mr Walker stated the investment by John Swire underlined Argent’s strong market position, adding there was now an opportunity “to take Argent’s abilities additional afield”.

Barnaby Swire, of John Swire, said his company was dedicated to “checking out and investing in ingenious and viable green industries”.

He included: “We are delighted to be acquiring Argent Energy, a company which we think can grow and flourish 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 employees a mix of attributes and values that work with our own, and anticipate dealing with them to increase Argent Energy’s future capacity.”

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