Pioneering biodiesel manufacturer Argent Energy sold

23 July 2013

Argent Energy, a leader of massive business 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 a concealed sum.

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

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

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

Souter Investments, the private financial investment company of transportation magnate Sir Brian Souter, confirmed it had offered its 37% stake in Argent.

‘Future potential’

Mr Walker said the investment by John Swire highlighted Argent’s strong market position, including there was now a chance “to take Argent’s skills additional afield”.

Barnaby Swire, of John Swire, stated his company was devoted to “exploring and purchasing ingenious and viable green industries”.

He added: “We are happy to be obtaining Argent Energy, a company which our company believe can grow and succeed not only within the UK but likewise overseas, in particular in Asian markets with which Swire Group business recognize.

“John Swire & Sons Ltd sees in staff members a mix of attributes and worths that are suitable with our own, and look forward to 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 capability to produce approximately 50 million litres of biodiesel a year.

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