Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of massive business 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 a concealed sum.

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

The firm will remain in personal ownership and will continue to run .

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

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

'Future capacity'

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

Barnaby Swire, of John Swire, said his business was committed to "checking out and investing in ingenious and practical green industries".

He added: "We are happy to be acquiring Argent Energy, a business which we believe can grow and succeed not just within the UK however likewise 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 work with our own, and anticipate dealing with them to maximise Argent Energy's future capacity."

Argent was developed in 2001. In 2009 it was bought by a consortium that 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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