Pioneering biodiesel manufacturer Argent Energy sold

23 July 2013

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

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

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

The company will stay in personal ownership and will continue to run individually.

Its senior management, Andy Hunter, handling director Jim Walker and monetary director Jim Boyd are to remain with the company.

Souter Investments, the personal financial investment company of transportation 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, including there was now an opportunity "to take Argent's skills additional afield".

Barnaby Swire, of John Swire, stated his business was devoted to "checking out and buying ingenious and feasible green industries".

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

"John Swire & Sons Ltd sees in Argent Energy's employees a mix of attributes and worths that are compatible 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 together with Souter Investments.

Its plant at Newarthill, near Motherwell, has the capacity to produce approximately 50 million litres of biodiesel a year.

Cooking oil to run buses in trial

4 November 2011

Argent Energy

Souter Investments