Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of massive industrial production of biodiesel in the UK, has been bought by a green financial investment business.

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

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

The firm will stay in private ownership and will continue to run separately.

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

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

'Future potential'

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

Barnaby Swire, of John Swire, stated his company was devoted to "exploring and purchasing ingenious and feasible green industries".

He added: "We are delighted to be obtaining Argent Energy, a company which our company believe can grow and prosper not just within the UK but likewise overseas, in particular in Asian markets with which Swire Group companies recognize.

"John Swire & Sons Ltd sees in Argent Energy's workers a mix of characteristics and worths that work with our own, and look forward to working with them to increase Argent Energy's future potential."

Argent was established in 2001. In 2009 it was purchased by a consortium which 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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