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Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a leader of large-scale industrial 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 amount.

Argent makes green road 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 separately.

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

Souter Investments, the private investment firm of transportation magnate Sir Brian Souter, validated it had offered its 37% stake in Argent.

'Future potential'

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

Barnaby Swire, of John Swire, said his company was committed to "exploring and investing in innovative and feasible green markets".

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

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

Argent was developed in 2001. In 2009 it was purchased by a consortium that included senior management along with 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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