Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

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

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

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

The firm will remain in personal 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 remain with the business.

Souter Investments, the personal financial investment business of transportation tycoon Sir Brian Souter, verified it had actually offered its 37% stake in Argent.

'Future potential'

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

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

He added: "We are pleased to be getting Argent Energy, a company which our company believe can grow and prosper not only within the UK but likewise overseas, in specific in Asian markets with which Swire Group companies 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 maximise Argent Energy's future potential."

Argent was developed in 2001. In 2009 it was bought by a consortium which included senior management in addition to 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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