Pioneering biodiesel manufacturer 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 financial investment business.

Argent, based near Motherwell, was offered to a subsidiary of Swire & Sons for an undisclosed amount.

Argent makes green roadway fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat industry.

The firm will stay in personal ownership and will continue to run separately.

Its senior management, including chairman Andy Hunter, handling director Jim Walker and monetary director Jim Boyd are to stay with the business.

Souter Investments, the personal financial investment business of transport tycoon Sir Brian Souter, verified it had actually offered its 37% stake in Argent.

'Future capacity'

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

Barnaby Swire, of John Swire, said his business was dedicated to "checking out and purchasing ingenious and feasible green markets".

He added: "We are thrilled to be acquiring Argent Energy, a company which we think can grow and succeed not just within the UK however likewise overseas, in specific in Asian markets with which Swire Group companies recognize.

"John Swire & Sons Ltd sees in Argent Energy's workers a mix of attributes and worths that are compatible with our own, and eagerly anticipate working with them to increase Argent Energy's future capacity."

Argent was established 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 capability to produce approximately 50 million litres of biodiesel a year.

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