Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

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

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

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

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

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

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

'Future capacity'

Mr Walker said the investment by John Swire underlined Argent's strong market position, adding there was now a chance "to take Argent's skills additional afield".

Barnaby Swire, of John Swire, said his business was dedicated to "checking out and investing in ingenious and feasible green markets".

He added: "We are thrilled to be getting Argent Energy, a company which our company believe can grow and prosper not only within the UK however likewise overseas, in particular in Asian markets with which Swire Group business recognize.

"John Swire & Sons Ltd sees in Argent Energy's workers a mix of qualities and worths that work with our own, and eagerly anticipate working with them to increase Argent Energy's future capacity."

Argent was established in 2001. In 2009 it was purchased by a consortium which consisted of senior management together with Souter Investments.

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

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