Pioneering biodiesel manufacturer Argent Energy sold

23 July 2013

Argent Energy, a pioneer of large-scale business 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 amount.

Argent makes green roadway fuel by and residues such as used cooking oil and tallow from the meat market.

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

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

Souter Investments, the private investment firm of transport tycoon Sir Brian Souter, confirmed it had actually sold its 37% stake in Argent.

'Future potential'

Mr Walker said the financial investment by John Swire highlighted Argent's strong market position, including there was now an opportunity "to take Argent's abilities more afield".

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

He added: "We are delighted to be getting Argent Energy, a company which we think can grow and prosper not only within the UK however likewise overseas, in particular in Asian markets with which Swire Group business are familiar.

"John Swire & Sons Ltd sees in Argent Energy's workers a mix of qualities and worths that are suitable with our own, and anticipate dealing with them to maximise Argent Energy's future potential."

Argent was established in 2001. In 2009 it was bought by a consortium that included senior management in addition to Souter Investments.

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

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