Pioneering biodiesel producer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of large-scale commercial production of biodiesel in the UK, has been purchased by a green financial investment business.

Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for an undisclosed 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 personal ownership and will continue to run individually.

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

Souter Investments, the private investment company of transport magnate Sir Brian Souter, validated it had actually sold its 37% stake in Argent.

'Future capacity'

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

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

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

"John Swire & Sons Ltd sees in Argent Energy's workers a mix of characteristics and values that work with our own, and anticipate working with them to maximise Argent Energy's future capacity."

Argent was established in 2001. In 2009 it was purchased by a consortium which consisted of senior management together 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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