Pioneering biodiesel producer Argent Energy offered

23 July 2013

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

Argent, based near Motherwell, was sold 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 utilized cooking oil and tallow from the meat market.

The firm will remain in private ownership and will continue to run .

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

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

‘Future potential’

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 skills more afield”.

Barnaby Swire, of John Swire, said his company was committed to “exploring and investing in innovative and viable green industries”.

He included: “We are delighted to be obtaining Argent Energy, a business which our company believe can grow and flourish not only within the UK however also overseas, in specific in Asian markets with which Swire Group business are familiar.

“John Swire & Sons Ltd sees in Argent Energy’s workers a mix of qualities and values that are compatible with our own, and look forward to working with them to increase 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 capability to produce approximately 50 million litres of biodiesel a year.

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