Pioneering biodiesel manufacturer sold

23 July 2013

Argent Energy, a pioneer of large-scale business production of biodiesel in the UK, has been bought by a green financial investment business.

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

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 separately.

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

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

'Future potential'

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 skills additional afield".

Barnaby Swire, of John Swire, stated his company was dedicated to "checking out and buying innovative and practical green industries".

He added: "We are pleased to be getting Argent Energy, a company which we think can grow and prosper not only within the UK however likewise overseas, in specific in Asian markets with which Swire Group companies are familiar.

"John Swire & Sons Ltd sees in Argent Energy's employees a mix of characteristics and worths that work with our own, and look forward to working with them to maximise 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 up to 50 million litres of biodiesel a year.

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