Pioneering biodiesel producer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of massive commercial production of biodiesel in the UK, has been bought by a green financial investment business.

Argent, based near Motherwell, was offered 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 cooking oil and tallow from the meat industry.

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

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

Souter Investments, the personal financial investment business of transportation magnate Sir Brian Souter, confirmed it had actually sold 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 abilities more afield".

Barnaby Swire, of John Swire, stated his business was dedicated to "exploring and purchasing ingenious and feasible green industries".

He added: "We are thrilled to be obtaining Argent Energy, a company which we believe can grow and prosper not just within the UK but also overseas, in specific in Asian markets with which Swire Group business are familiar.

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of attributes and worths that are suitable with our own, and look forward to dealing with them to maximise Argent Energy's future potential."

Argent was developed in 2001. In 2009 it was purchased by a consortium that included 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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