Pioneering biodiesel manufacturer Argent Energy sold

23 July 2013

Argent Energy, a leader of large-scale industrial 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 roadway fuel by recycling wastes and residues such as used cooking oil and tallow from the meat industry.

The company will stay in personal ownership and will continue to run individually.

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

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

‘Future capacity’

Mr Walker stated the investment by John Swire highlighted Argent’s strong market position, adding there was now a chance “to take Argent’s skills more afield”.

Barnaby Swire, of John Swire, said his business was to “checking out and buying ingenious and viable green industries”.

He added: “We are pleased to be acquiring Argent Energy, a business which we think can grow and succeed not only within the UK however likewise overseas, in particular in Asian markets with which Swire Group business recognize.

“John Swire & Sons Ltd sees in Argent Energy’s employees a mix of attributes and worths that are compatible with our own, and anticipate dealing with them to increase Argent Energy’s future potential.”

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