Pioneering biodiesel producer Argent Energy offered

23 July 2013

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

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

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

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

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

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

'Future capacity'

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

Barnaby Swire, of John Swire, said his business was devoted to "checking out and investing in innovative and feasible green industries".

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

"John Swire & Sons Ltd sees in Argent Energy's workers a mix of attributes and worths that are suitable with our own, and eagerly anticipate dealing with them to maximise Argent Energy's future potential."

Argent was developed in 2001. In 2009 it was bought by a consortium which consisted of 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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