Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of massive commercial production of biodiesel in the UK, has actually been purchased by a 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 utilized cooking oil and tallow from the meat market.

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

Its senior management, consisting of chairman Andy Hunter, handling director Jim Walker and financial director Jim Boyd are to remain with the company.

Souter Investments, the personal financial investment company of transport magnate Sir Brian Souter, validated it had sold 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 an opportunity "to take Argent's abilities more afield".

Barnaby Swire, of John Swire, stated his business was committed to "checking out and purchasing ingenious and practical green industries".

He included: "We are thrilled to be getting Argent Energy, a business which our company believe can grow and prosper not just 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 workers a mix of attributes and worths that work 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 purchased by a consortium which consisted of senior management along with Souter Investments.

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

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