Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a leader of massive 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 and residues such as used cooking oil and tallow from the meat market.

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

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, validated it had offered its 37% stake in Argent.

‘Future capacity’

Mr Walker said the financial investment by John Swire highlighted Argent’s strong market position, adding there was now a chance “to take Argent’s skills additional afield”.

Barnaby Swire, of John Swire, said his business was devoted to “checking out and investing in innovative and feasible green industries”.

He included: “We are pleased to be acquiring Argent Energy, a company which our company believe 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 staff members a mix of characteristics and values that are compatible with our own, and eagerly anticipate working with them to increase Argent Energy’s future potential.”

Argent was established in 2001. In 2009 it was bought by a consortium that included senior management together with 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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