Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a leader of massive commercial production of biodiesel in the UK, has been by a green financial investment business.

Argent, based near Motherwell, was sold 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 used cooking oil and tallow from the meat industry.

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

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

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

'Future potential'

Mr Walker said the investment by John Swire underlined Argent's strong market position, including there was now an opportunity "to take Argent's skills more afield".

Barnaby Swire, of John Swire, stated his company was committed to "checking out and purchasing innovative and viable green industries".

He included: "We are happy to be acquiring Argent Energy, a company which we think can grow and prosper not just within the UK but also overseas, in particular in Asian markets with which Swire Group business are familiar.

"John Swire & Sons Ltd sees in Argent Energy's workers a mix of qualities and values that work with our own, and look forward to dealing with them to maximise Argent Energy's future capacity."

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