Pioneering biodiesel producer Argent Energy offered

23 July 2013

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

Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for a concealed sum.

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 personal ownership and will continue to run separately.

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

Souter Investments, the firm of transportation magnate Sir Brian Souter, confirmed it had actually sold 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 further afield".

Barnaby Swire, of John Swire, stated his company was dedicated to "checking out and investing in innovative and practical green markets".

He included: "We are happy to be getting Argent Energy, a business which our company believe can grow and flourish not only within the UK however likewise overseas, in particular in Asian markets with which Swire Group companies recognize.

"John Swire & Sons Ltd sees in Argent Energy's workers a mix of qualities and values 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 purchased by a consortium that included senior management together with Souter Investments.

Its plant at Newarthill, near Motherwell, has the capability to produce up to 50 million litres of biodiesel a year.

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