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Pioneering biodiesel manufacturer Argent Energy sold

23 July 2013

Argent Energy, a leader of massive business production of biodiesel in the UK, has actually been purchased by a green investment business.

Argent, based near Motherwell, was offered to a of London-based John Swire & Sons for a concealed amount.

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

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

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

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

'Future capacity'

Mr Walker said the financial investment by John Swire highlighted Argent's strong market position, including there was now a chance "to take Argent's abilities more afield".

Barnaby Swire, of John Swire, said his business was committed to "exploring and investing in ingenious and feasible green markets".

He included: "We are pleased to be acquiring Argent Energy, a company which we think can grow and flourish not only within the UK however likewise overseas, in particular in Asian markets with which Swire Group business recognize.

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of qualities and worths that work with our own, and look forward to dealing with them to maximise Argent Energy's future potential."

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 capability to produce up to 50 million litres of biodiesel a year.

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