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Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

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

Argent, based near Motherwell, was 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 used cooking oil and tallow from the meat market.

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

Its senior management, consisting of chairman Andy Hunter, handling 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 offered its 37% stake in Argent.

'Future potential'

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

Barnaby Swire, of John Swire, stated his business was devoted to "exploring and investing in ingenious and practical green industries".

He added: "We are happy to be obtaining Argent Energy, a company which we think can grow and prosper not only within the UK but likewise 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 attributes and values that are suitable with our own, and look forward to dealing with them to maximise Argent Energy's future capacity."

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 as much as 50 million litres of biodiesel a year.

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