Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a leader of massive business production of biodiesel in the UK, has been purchased by a green financial investment company.

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

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 private 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 private investment firm 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 highlighted Argent's strong market position, adding there was now an opportunity "to take Argent's abilities additional afield".

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

He added: "We are thrilled to be acquiring Argent Energy, a company which our company believe can grow and flourish not just within the UK however also overseas, in particular in Asian markets with which Swire Group business recognize.

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of qualities and worths that are compatible with our own, and eagerly anticipate dealing with them to increase Argent Energy's future potential."

Argent was developed in 2001. In 2009 it was purchased by a consortium which included senior management in addition to Souter Investments.

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

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