Pioneering biodiesel Energy sold

23 July 2013

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

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

Argent makes green road 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 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 magnate Sir Brian Souter, validated it had actually offered its 37% stake in Argent.

'Future potential'

Mr Walker stated the financial investment by John Swire underlined Argent's strong market position, adding there was now a chance "to take Argent's abilities additional afield".

Barnaby Swire, of John Swire, said his business was committed to "checking out and buying ingenious and feasible green markets".

He included: "We are delighted to be getting Argent Energy, a business which our company believe can grow and flourish 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 qualities and worths that are suitable with our own, and eagerly anticipate dealing with them to increase Argent Energy's future capacity."

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