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Pioneering biodiesel producer Argent Energy offered

23 July 2013

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

Argent, based near Motherwell, was sold to a of London-based John Swire & Sons for a concealed amount.

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

The company will remain in private ownership and will continue to run separately.

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

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

'Future capacity'

Mr Walker said the investment by John Swire underlined Argent's strong market position, including there was now a chance "to take Argent's skills additional afield".

Barnaby Swire, of John Swire, said his company was devoted to "exploring and investing in innovative and viable green industries".

He added: "We are delighted to be getting Argent Energy, a company which we think can grow and flourish not only within the UK however also overseas, in particular in Asian markets with which Swire Group companies are familiar.

"John Swire & Sons Ltd sees in Argent Energy's employees a mix of attributes and values that are compatible with our own, and anticipate dealing with them to increase Argent Energy's future capacity."

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 approximately 50 million litres of biodiesel a year.

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