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Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a leader of massive business 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 a concealed sum.

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

The firm will stay in private ownership and will continue to run separately.

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

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

'Future capacity'

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

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

He added: "We are pleased to be getting Argent Energy, a business which our company believe can grow and succeed not just within the UK however also overseas, in specific in Asian markets with which Swire Group business recognize.

"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 working with them to maximise Argent Energy's future capacity."

Argent was developed in 2001. In 2009 it was bought 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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