Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

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

Argent, based near Motherwell, was offered 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 company will remain in personal ownership and will continue to run separately.

Its senior management, consisting of chairman Andy Hunter, handling director Jim Walker and Jim Boyd are to stay with the business.

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

‘Future capacity’

Mr Walker said the investment by John Swire underlined Argent’s strong market position, including there was now an opportunity “to take Argent’s abilities additional afield”.

Barnaby Swire, of John Swire, said his company was devoted to “checking out and purchasing innovative and practical green industries”.

He included: “We are pleased to be acquiring Argent Energy, a business which we think can grow and flourish not only 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 attributes and worths that are suitable with our own, and look forward to dealing with them to maximise Argent Energy’s future potential.”

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

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

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