Pioneering biodiesel producer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of large-scale business production of biodiesel in the UK, has actually been bought by a green investment company.

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

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

The company will remain in personal ownership and will continue to run independently.

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

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

'Future potential'

Mr Walker stated the investment by John Swire highlighted Argent's strong market position, including there was now an opportunity "to take Argent's skills more afield".

Barnaby Swire, of John Swire, said his company was dedicated to "exploring and investing in ingenious and practical green markets".

He added: "We are pleased to be obtaining Argent Energy, a company which our company believe can grow and succeed not only within the UK however likewise overseas, in specific in Asian markets with which Swire Group companies are familiar.

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

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

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

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