Pioneering biodiesel producer Argent Energy offered

23 July 2013

Argent Energy, a leader of massive 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 road fuel by recycling wastes and residues such as utilized 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 monetary director Jim Boyd are to stay with the business.

Souter Investments, the private financial investment business of transport magnate Sir Brian Souter, verified it had sold its 37% stake in Argent.

'Future capacity'

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

Barnaby Swire, of John Swire, said his company was devoted to "checking out and purchasing innovative and practical green markets".

He added: "We are pleased to be acquiring Argent Energy, a business which we think can grow and succeed not only within the UK however also overseas, in specific in Asian markets with which Swire Group companies recognize.

" & Sons Ltd sees in Argent Energy's workers a mix of attributes and values that are suitable with our own, and look forward to working 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 along with 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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