The Lifestyle Store saga has taken a whole new twist overnight, with  claims now emerging  that the audio and AV business along with the doomed Theatre At Home business is actually owned by ROQO Pty Ltd and that both ROQO and Theatre At Home are now in administration.

The collapse has according to sources exposed questionable dealings between Theatre At Home and the Lifestyle store with claims that stock being removed from the Lifestyle store last week actually belonged to Theatre At Home,  and that deposits taken for TAH deals were being used to fund the Lifestyle store.

As of this morning  the Australian Securities and  Investment Commission is showing that two Companies are now in administration ROQO Pty Ltd and Theatre At Home. The Lifestyle Store is not listed as being under the management of administrators Nicols & Obrien.

ChannelNews understands that all Theatre At Home stores in Australia have been closed down with hundreds of thousands of dollars owed in rent to landlords.

On Friday, the Adelaide Store was stormed by people chasing down deposits and unpaid rent.

This resulted in South Australian Police being called to the premises. We have also been told that stock is being stripped from TAH stores across Australia.

Claims that the stock being removed from the Lifestyle Store premises in North Parramatta was in fact owned by Theatre At Home,  has already been disputed by suppliers looking to get their stock back.

Late last night we were told that that tens of thousands of dollars obtained as deposits for Theatre At Home fit outs was used to fund the Lifestyle Store and the lifestyle of executives running the store include Vinod Christie David who we believe had to get an Uber home after being dumped last week as the CEO of the Lifestyle Store.

His M4 BMW was seized and taken away on a trailer.

Vinod David who is accused of using the business to fund his lifestyle, is believed to have taken hundreds of thousands in deposits from Theatre At Home customers and then used the money to fund a collapsing Lifestyle with ownership of the business transferred some weeks ago to ROQO.

It now appears that millions of dollars, worth of deposits are in question with the real possibility that the Police called be called in to investigate the actions of Vinod Christie David who one interested party claims were running a “questionable business with money moved from one business to another.”

One insider described it as a “Ponzi Scheme.”

ChannelNews has been told by the only secured creditor in ROQO, Danni Assabgy the investor who loaded money to Vinod David for the doomed Theatre At Home operation that he has never been involved in the Lifestyle Store.

According to Assagby the stock from the Lifestyle Store premises in North Parramatta has been removed to a “Secure premises” suppliers have not been told where those premises are.

 

More to follow.