Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a leader of massive commercial production of biodiesel in the UK, has actually been purchased by a green investment firm.

Argent, based near Motherwell, was sold to a subsidiary of Swire & Sons for a concealed sum.

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 private ownership and will continue to run independently.

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

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

'Future capacity'

Mr Walker said the 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 viable green industries".

He added: "We are happy to be obtaining Argent Energy, a business which our company believe can grow and prosper not only within the UK however also overseas, in particular in Asian markets with which Swire Group companies are familiar.

"John Swire & Sons Ltd sees in Argent Energy's workers a mix of characteristics and worths that work with our own, and eagerly anticipate working with them to maximise Argent Energy's future potential."

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