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Two Dragons are burned as eco-truck firm crashes
19.01.09
TWO of the stars of hit BBC2 show Dragons' Den are on the brink of losing £127,000 after the eco-haulage firm they backed went into administration.
Theo Paphitis and Deborah Meaden put the cash into Oldham-based JPM Eco Logistics in return for a 40% stake in the business. But now the company looks set to become the latest victim of the credit crunch,
It was set up as a "green" haulier that used biodiesel to power its trucks. But it now owes more than £20,000 to its fuel supplier, MPB Bioproducts, and has called in administrators Tenon Recovery.
Paphitis and Meaden were alerted to Eco Logistics' difficulties in September when directors asked them for another £27,500, which they handed over. Ego Logistics boss Jerry Mantalvanos later confirmed the firm was considering administration.
Reader views (5)
This "eco" gravy train is running out of steam, as we all see it gets hot and it gets cold "very cold" and paying extra for something that does'nt exist has gone flop.
- Stephen J Cole, Hitchin, Hertfordshire
I'd just like to agree with Phil Jones. Well said.
- John, arezzo, italy
Environment hysteria deserves to hit the buffers.
Variations in climate have been going on all the time and there is no evidence that carbon emissions due to human activity have had any effect whatsoever.
Politicians should only act on facts not hysterical fiction.
- Alan, Llandrindod
Well it just goes to show you that more often than not "luck" plays a big part when it comes to string a business.
- Mike, London
The environment is getting short shrift when it comes to the economic downturn. The trade-off between those two issues will recur again and again and again in the years to come. Saving this planet for future generations is going to require a wholesale shift in politicians' mantra of 'growth, growth, growth'. It's going to be all-encompassing, and affect us in every walk of life.
- Phil Jones, London UK
