Pioneering biodiesel Energy sold

23 July 2013

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

Argent, based near Motherwell, was sold to a subsidiary of London-based John Swire & Sons for an undisclosed sum.

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

The company will remain in personal ownership and will continue to run independently.

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

Souter Investments, the private investment firm of transportation magnate Sir Brian Souter, verified it had actually offered its 37% stake in Argent.

'Future capacity'

Mr Walker stated 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, stated his business was devoted to "checking out and investing in ingenious and practical green markets".

He included: "We are thrilled to be obtaining Argent Energy, a business which we think can grow and prosper not just within the UK however also overseas, in particular in Asian markets with which Swire Group business recognize.

"John Swire & Sons Ltd sees in Argent Energy's employees a mix of qualities and worths that are suitable with our own, and eagerly anticipate dealing with them to increase Argent Energy's future potential."

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