Pioneering biodiesel producer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of large-scale business production of biodiesel in the UK, has actually been purchased by a firm.

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

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

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

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

Souter Investments, the private financial investment company of transportation magnate Sir Brian Souter, confirmed it had sold its 37% stake in Argent.

'Future potential'

Mr Walker said the investment by John Swire highlighted 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 business was committed to "checking out and purchasing ingenious and feasible green markets".

He included: "We are delighted to be acquiring 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 workers a mix of qualities and values that work with our own, and anticipate working with them to increase Argent Energy's future capacity."

Argent was developed in 2001. In 2009 it was bought by a consortium which consisted of senior management along with Souter Investments.

Its plant at Newarthill, near Motherwell, has the capacity to produce as much as 50 million litres of biodiesel a year.

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