Pioneering biodiesel producer Argent Energy offered
23 July 2013
Argent Energy, a pioneer of massive commercial production of biodiesel in the UK, has been purchased by a green investment business.
Argent, based near Motherwell, was offered to a subsidiary of London-based John Swire & Sons for an undisclosed sum.
Argent makes green road fuel by recycling wastes and residues such as utilized cooking oil and tallow from the meat market.
The company will remain in personal ownership and will continue to run separately.
Its senior management, consisting of chairman Andy Hunter, managing director Jim Walker and monetary director Jim Boyd are to stay with the business.
Souter Investments, the private financial investment business of transport tycoon Sir Brian Souter, confirmed it had offered its 37% stake in Argent.
'Future capacity'
Mr Walker stated the investment by John Swire underlined Argent's strong market position, including there was now an opportunity "to take Argent's abilities further afield".
Barnaby Swire, of John Swire, said his business was devoted to "exploring and purchasing innovative and practical green industries".
He added: "We are thrilled to be obtaining Argent Energy, a business which we believe can grow and flourish not just within the UK however likewise overseas, in specific in Asian markets with which Swire Group business are familiar.
"John Swire & Sons Ltd sees in Argent Energy's employees a mix of characteristics and values that work with our own, and look forward to dealing with them to maximise Argent Energy's future capacity."
Argent was established 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 up to 50 million litres of biodiesel a year.
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