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JPM Eco Logistics, the Oldham haulage firm that shot to fame after securing £100,000 of investment on the BBC show Dragons' Den, appears to be the latest victim of the credit crunch, with its directors considering administration.

The company received a winding-up petition shortly before Christmas from biofuel supplier MPB Bioproducts .

Although this has now been stayed until February, the Gainsborough-based fuel producer says it is owed more than £20,000 dating from last June.

MPB's MD Philip Bates adds: "I have been chasing since then – they promised me the earth, but I have received nothing."

Bates says the debt means he has been unable to produce any further biofuel from the plant. "They have totally messed my finances up," he adds.

JPM's business proposal was based around being an environmentally responsible haulier, using 100% biodiesel to power its trucks. On the Dragons' Den show in 2007, bosses Jerry Mantalvanos and Paul Merker promised fantastic returns on investment, well above the industry average of 4%.

They secured £100,000 of investment from two 'dragons' – Theo Paphitis and Deborah Meaden – in exchange for 40% of the business.

A statement from Paphitis says: "Deborah Meaden made contact  with Jerry Mantalvanos on Saturday [10 January] when he confirmed that following recent difficulties, the company is considering administration. We understand that accountancy and business consultancy firm Tenon has been appointed by the directors to provide advice to JPM Eco Logistics."

A representative for the two 'dragons' adds: "Having provided the original agreed amount of £100,000, they invested a further £27,500 of their own cash in September 2008 at short notice, at the request of the directors."

Neither of JPM's directors could be contacted as Motor Transport went to press. Tenon was also unavailable to comment.