Pioneering biodiesel manufacturer Argent Energy sold

23 July 2013

Argent Energy, a leader of massive industrial production of biodiesel in the UK, has actually been bought 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 utilized cooking oil and tallow from the .

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

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

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

‘Future capacity’

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 abilities more afield”.

Barnaby Swire, of John Swire, stated his business was dedicated to “exploring and buying ingenious and viable green markets”.

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

“John Swire & Sons Ltd sees in Argent Energy’s employees a mix of attributes and worths that are suitable with our own, and anticipate working with them to maximise Argent Energy’s future capacity.”

Argent was established in 2001. In 2009 it was bought by a consortium which included 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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