Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

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

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

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

The firm will stay in private ownership and will continue to run independently.

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

Souter Investments, the personal financial investment business of transportation magnate Sir Brian Souter, confirmed it had actually sold its 37% stake in Argent.

'Future capacity'

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

Barnaby Swire, of John Swire, stated his company was devoted to "exploring and buying innovative and feasible green industries".

He included: "We are pleased to be getting Argent Energy, a business which our company believe can grow and succeed not just within the UK but likewise overseas, in particular in Asian markets with which Swire Group business recognize.

"John Swire & Sons Ltd sees in Argent Energy's workers a mix of qualities and values that work with our own, and anticipate dealing with them to maximise Argent Energy's future capacity."

Argent was established in 2001. In 2009 it was purchased by a consortium that included senior management in addition to Souter Investments.

Its plant at Newarthill, near Motherwell, has the capability to produce up to 50 million litres of biodiesel a year.

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