Pioneering biodiesel Energy sold

23 July 2013

Argent Energy, a leader of large-scale commercial production of biodiesel in the UK, has actually been purchased by a green investment company.

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

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

The firm will remain in personal ownership and will continue to run separately.

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

Souter Investments, the private investment firm of transportation tycoon Sir Brian Souter, confirmed it had offered its 37% stake in Argent.

'Future capacity'

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

Barnaby Swire, of John Swire, stated his business was devoted to "exploring and investing in ingenious and viable green markets".

He added: "We are thrilled to be acquiring Argent Energy, a business 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 characteristics and values that are suitable with our own, and look forward to dealing with them to maximise Argent Energy's future capacity."

Argent was established in 2001. In 2009 it was purchased 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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