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 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, managing director Jim Walker and monetary director Jim Boyd are to stay with the company.

Souter Investments, the private investment firm of transport tycoon Sir Brian Souter, validated it had actually sold its 37% stake in Argent.

'Future potential'

Mr Walker said the investment by John Swire underlined Argent's strong market position, including there was now an opportunity "to take Argent's abilities further afield".

Barnaby Swire, of John Swire, said his business was dedicated to "exploring and buying innovative and practical green industries".

He added: "We are pleased to be obtaining Argent Energy, a company which our company believe 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 staff members a mix of qualities and values that work with our own, and look forward to working with them to increase Argent Energy's future potential."

Argent was developed in 2001. In 2009 it was bought by a consortium which included senior management together with Souter Investments.

Its plant at Newarthill, near Motherwell, has the capacity to produce approximately 50 million litres of biodiesel a year.

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