Pioneering biodiesel Energy sold

23 July 2013

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

Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for a concealed sum.

Argent makes green roadway 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 separately.

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

Souter Investments, the personal financial investment company of transport magnate Sir Brian Souter, verified it had actually sold its 37% stake in Argent.

'Future capacity'

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

Barnaby Swire, of John Swire, stated his business was committed to "checking out and buying ingenious and viable green industries".

He added: "We are thrilled to be getting Argent Energy, a company which we think can grow and succeed not only within the UK but also overseas, in particular in Asian markets with which Swire Group companies recognize.

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of characteristics and worths that are suitable with our own, and eagerly anticipate dealing with them to maximise Argent Energy's future potential."

Argent was established in 2001. In 2009 it was bought by a consortium that included senior management in addition to Souter Investments.

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

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