manufacturer Argent Energy offered

23 July 2013

Argent Energy, a pioneer of massive commercial production of biodiesel in the UK, has been bought by a green financial investment business.

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 company will stay in private ownership and will continue to run individually.

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

Souter Investments, the private investment business of transportation magnate Sir Brian Souter, verified it had offered its 37% stake in Argent.

'Future potential'

Mr Walker stated the financial investment by John Swire highlighted Argent's strong market position, including there was now an opportunity "to take Argent's skills more afield".

Barnaby Swire, of John Swire, stated his company was devoted to "exploring and purchasing ingenious and practical green markets".

He added: "We are happy to be acquiring 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 companies recognize.

"John Swire & Sons Ltd sees in Argent Energy's staff members a mix of attributes and values that are compatible with our own, and anticipate dealing with them to maximise Argent Energy's future potential."

Argent was developed in 2001. In 2009 it was bought by a consortium which included senior management along 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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4 November 2011

Argent Energy

Souter Investments