Pioneering biodiesel producer Argent Energy sold

23 July 2013

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

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 utilized cooking oil and tallow from the meat market.

The company will remain in private ownership and will continue to run individually.

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

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

'Future capacity'

Mr Walker stated the investment by John Swire underlined Argent's strong market position, including there was now a chance "to take Argent's skills more afield".

Barnaby Swire, of John Swire, said his business was committed to "exploring and buying innovative and feasible green industries".

He added: "We are delighted to be getting Argent Energy, a company which we think can grow and flourish not just 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 employees a mix of characteristics and values that are compatible with our own, and eagerly anticipate working with them to maximise Argent Energy's future potential."

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 as much as 50 million litres of biodiesel a year.

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