Pioneering biodiesel producer 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 an undisclosed sum.

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

The company will stay in private ownership and will continue to run individually.

Its senior management, including chairman Andy Hunter, handling director Jim Walker and financial director are to remain with the business.

Souter Investments, the personal investment firm of transportation magnate Sir Brian Souter, confirmed it had 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 additional afield".

Barnaby Swire, of John Swire, said his company was committed to "exploring and investing in ingenious and feasible green markets".

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

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of characteristics and values that work with our own, and eagerly anticipate working with them to maximise Argent Energy's future capacity."

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

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

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