Pioneering biodiesel producer Argent Energy offered

23 July 2013

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

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

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 personal ownership and will continue to run separately.

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

Souter Investments, the private investment firm of transport magnate Sir Brian Souter, verified it had sold its 37% stake in Argent.

'Future potential'

Mr the financial investment by John Swire underlined Argent's strong market position, including there was now a chance "to take Argent's abilities further afield".

Barnaby Swire, of John Swire, said his business was committed to "checking out and purchasing innovative and feasible green industries".

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

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of attributes and worths that work with our own, and look forward to dealing with them to maximise Argent Energy's future potential."

Argent was developed in 2001. In 2009 it was purchased by a consortium which included senior management along with 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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