Pioneering biodiesel producer Argent Energy sold

23 July 2013

Argent Energy, a leader of massive commercial production of biodiesel in the UK, has been bought by a green investment company.

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

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

The firm will stay in private ownership and will continue to run independently.

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

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

'Future potential'

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

Barnaby Swire, of John Swire, stated his business was committed to "exploring and investing in innovative and feasible green industries".

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

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

Argent was established in 2001. In 2009 it was bought by a consortium which 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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