Pioneering biodiesel manufacturer Argent Energy offered

23 July 2013

Argent Energy, a leader of large-scale industrial production of biodiesel in the UK, has actually been purchased by a green financial .

Argent, based near Motherwell, was sold to a subsidiary 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 market.

The firm will remain in personal ownership and will continue to run separately.

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

'Future capacity'

Mr Walker stated the financial investment by John Swire highlighted 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 committed to "checking out and investing in innovative and viable green markets".

He added: "We are thrilled to be obtaining Argent Energy, a company which our company believe can grow and succeed not just within the UK but also overseas, in particular in Asian markets with which Swire Group business are familiar.

"John Swire & Sons Ltd sees in Argent Energy's workers 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 in addition to Souter Investments.

Its plant at Newarthill, near Motherwell, has the capability to produce as much as 50 million litres of biodiesel a year.

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