Pioneering biodiesel producer Argent Energy sold

23 July 2013

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

Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for a concealed 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 remain in and will continue to run separately.

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

Souter Investments, the personal financial investment company of transport tycoon Sir Brian Souter, verified it had offered its 37% stake in Argent.

'Future potential'

Mr Walker said the 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 company was committed to "exploring and purchasing ingenious and feasible green industries".

He added: "We are delighted to be acquiring Argent Energy, a company which our company believe can grow and flourish not just within the UK however likewise overseas, in specific in Asian markets with which Swire Group companies are familiar.

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of qualities and values that work with our own, and anticipate working 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 in addition to Souter Investments.

Its plant at Newarthill, near Motherwell, has the capacity to produce approximately 50 million litres of biodiesel a year.

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