Pioneering biodiesel producer Argent Energy offered

23 July 2013

Argent Energy, a leader of large-scale commercial production of biodiesel in the UK, has actually been purchased by a green financial investment company.

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

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

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

Souter Investments, the personal investment firm of transportation tycoon Sir Brian Souter, validated it had actually offered 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 an opportunity "to take Argent's skills more afield".

Barnaby Swire, of John Swire, said his company was devoted to "exploring and purchasing innovative and viable green industries".

He included: "We are delighted to be obtaining Argent Energy, a business which our company believe can grow and prosper not only within the UK but 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 attributes and worths that are compatible with our own, and look forward to working with them to increase Argent Energy's future potential."

Argent was established in 2001. In 2009 it was purchased by a consortium which consisted of senior management in addition to 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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