Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a pioneer of massive commercial production of biodiesel in the UK, has been bought by a green investment firm.

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 market.

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

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

Souter Investments, the firm of transport tycoon Sir Brian Souter, validated it had sold its 37% stake in Argent.

'Future capacity'

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

Barnaby Swire, of John Swire, stated his company was committed to "exploring and investing in ingenious and practical green markets".

He added: "We are pleased to be obtaining Argent Energy, a business which we believe can grow and prosper not just within the UK but also 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 characteristics and worths that are compatible with our own, and look forward to working with them to increase 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 capacity to produce as much as 50 million litres of biodiesel a year.

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