Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

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

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

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

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

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

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

‘Future potential’

Mr Walker said the financial investment by John Swire highlighted 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 dedicated to “checking out and buying innovative and feasible green industries”.

He included: “We are pleased to be getting Argent Energy, a business which we think can grow and flourish not only within the UK but likewise overseas, in particular in Asian markets with which Swire Group companies recognize.

“John Swire & Sons Ltd sees in Argent Energy’s employees a mix of attributes and worths that work with our own, and eagerly anticipate dealing with them to maximise Argent Energy’s future capacity.”

Argent was developed in 2001. In 2009 it was purchased by a consortium that 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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