Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a leader of massive industrial production of biodiesel in the UK, has actually been bought by a green investment company.

Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for a 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 remain in personal ownership and will continue to run independently.

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 financial investment business of transport tycoon Sir Brian Souter, confirmed it had offered its 37% stake in Argent.

'Future potential'

Mr Walker said the financial investment by John Swire highlighted Argent's strong market position, including there was now a chance "to take Argent's abilities additional afield".

Barnaby Swire, of John Swire, stated his business was devoted to "checking out and buying innovative and practical green industries".

He included: "We are delighted to be obtaining Argent Energy, a business which we think can grow and flourish not only within the UK however also overseas, in particular in Asian markets with which Swire Group business are familiar.

"John Swire & Sons Ltd sees in Argent Energy's employees a mix of qualities and worths that are suitable with our own, and look forward to working with them to maximise Argent Energy's future potential."

Argent was developed in 2001. In 2009 it was purchased by a consortium that included senior management along with Souter Investments.

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

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