Pioneering biodiesel producer Argent Energy offered

23 July 2013

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

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

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

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

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

Souter Investments, the private financial investment business of transportation tycoon 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, including there was now an opportunity "to take Argent's abilities additional afield".

Barnaby Swire, of John Swire, stated his business was devoted to "checking out and purchasing innovative and practical green industries".

He included: "We are pleased to be getting Argent Energy, a business which our company believe can grow and prosper not just within the UK however likewise 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 worths that are compatible with our own, and look forward to dealing with them to increase Argent Energy's future capacity."

Argent was established in 2001. In 2009 it was purchased 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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