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 offered to a subsidiary of London-based John Swire & Sons for an undisclosed amount.

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 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 remain with the company.

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

'Future potential'

Mr Walker stated the investment by John Swire highlighted Argent's strong market position, adding there was now a chance "to take Argent's abilities further afield".

Barnaby Swire, of John Swire, said his company was devoted to "checking out and purchasing ingenious and viable green industries".

He added: "We are delighted to be getting Argent Energy, a company which we think can grow and succeed not only within the UK but likewise overseas, in particular in Asian markets with which Swire Group companies are familiar.

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

Argent was established 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 up to 50 million litres of biodiesel a year.

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