Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of massive commercial production of biodiesel in the UK, has actually been bought by a green investment firm.

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 company will stay in private ownership and will continue to run .

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

Souter Investments, the personal investment firm of transportation tycoon Sir Brian Souter, validated it had actually offered 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 an opportunity "to take Argent's skills more afield".

Barnaby Swire, of John Swire, said his business was dedicated to "checking out and buying innovative and practical green markets".

He included: "We are delighted to be getting Argent Energy, a company which we believe can grow and flourish not just within the UK however likewise overseas, in specific 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 work with our own, and look forward to working with them to maximise Argent Energy's future potential."

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