Pioneering biodiesel manufacturer Argent Energy sold

23 July 2013

Argent Energy, a pioneer of massive commercial production of biodiesel in the UK, has actually been bought by a green financial investment business.

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 market.

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

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

Souter Investments, the personal investment business of transportation tycoon Sir Brian Souter, validated it had sold its 37% stake in Argent.

‘Future capacity’

Mr Walker said the financial investment by John Swire underlined 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 company was committed to “checking out and buying innovative and practical green industries”.

He included: “We are happy to be acquiring Argent Energy, a business which we believe can grow and prosper not just within the UK however also overseas, in specific in Asian markets with which Swire Group business are familiar.

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

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