Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a leader of massive commercial production of biodiesel in the UK, has been bought by a green investment firm.

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

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

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

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

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

'Future potential'

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

Barnaby Swire, of John Swire, stated his business was devoted to "checking out and investing in innovative and practical green markets".

He included: "We are delighted to be acquiring Argent Energy, a company which our company believe can grow and prosper not just 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 staff members a mix of qualities and worths that are suitable 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 included senior management along with Souter Investments.

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

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