Pioneering biodiesel producer Argent Energy offered

23 July 2013

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

Argent, based near Motherwell, was offered 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 market.

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

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 investment firm of transportation tycoon Sir Brian Souter, verified it had offered its 37% stake in Argent.

potential'

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

Barnaby Swire, of John Swire, stated his business was devoted to "exploring and buying ingenious and practical green markets".

He added: "We are delighted to be obtaining Argent Energy, a business which we believe can grow and prosper not just 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 characteristics and values that work with our own, and look forward to dealing with them to maximise Argent Energy's future capacity."

Argent was developed in 2001. In 2009 it was bought by a consortium that included senior management together with Souter Investments.

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

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