manufacturer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of large-scale commercial 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 an undisclosed sum.

Argent makes green roadway 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 independently.

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

Souter Investments, the personal financial investment business of transport magnate Sir Brian Souter, validated it had offered its 37% stake in Argent.

'Future capacity'

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

Barnaby Swire, of John Swire, said his company was dedicated to "exploring and buying innovative and feasible green industries".

He added: "We are thrilled to be obtaining Argent Energy, a company which we believe can grow and flourish not only within the UK but also overseas, in specific in Asian markets with which Swire Group companies recognize.

"John Swire & Sons Ltd sees in Argent Energy's workers a mix of qualities and values that work with our own, and eagerly anticipate working with them to increase Argent Energy's future capacity."

Argent was developed in 2001. In 2009 it was purchased by a consortium which included senior management in addition to Souter Investments.

Its plant at Newarthill, near Motherwell, has the capacity to produce up to 50 million litres of biodiesel a year.

Cooking oil to run buses in trial

4 November 2011

Argent Energy

Souter Investments