Pioneering biodiesel producer Argent Energy offered

23 July 2013

Argent Energy, a leader of massive industrial production of biodiesel in the UK, has actually been purchased by a green investment company.

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

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

The firm will remain in private ownership and will continue to run individually.

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 private investment firm of transport tycoon Sir Brian Souter, validated it had offered its 37% stake in Argent.

'Future potential'

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

Barnaby Swire, of John Swire, stated his company was committed to "exploring and purchasing ingenious and viable green industries".

He added: "We are happy to be getting Argent Energy, a business which our company believe can grow and prosper not just within the UK but likewise overseas, in specific 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 work with our own, and look forward to dealing with them to increase Argent Energy's future potential."

Argent was developed in 2001. In 2009 it was bought by a consortium that included senior management in addition to 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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