Pioneering biodiesel manufacturer 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 firm.

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

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

The firm will remain in private ownership and will continue to run individually.

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 personal financial investment company of transport magnate Sir Brian Souter, confirmed it had sold its 37% stake in Argent.

‘Future capacity’

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

Barnaby Swire, of John Swire, stated his business was committed to “exploring and investing in ingenious and practical green industries”.

He included: “We are thrilled to be acquiring Argent Energy, a company which we think can grow and prosper not just within the UK but likewise overseas, in particular in Asian markets with which Swire Group business are familiar.

“John Swire & Sons Ltd sees in Argent Energy’s staff members a mix of attributes and values that work with our own, and anticipate dealing with them to increase Argent Energy’s future capacity.”

Argent was developed in 2001. In 2009 it was bought 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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