Home > Latest News > EXCLUSIVE: Lifestyle Stores Vinod David Claims He “Has A New Investor” The Investor Claims It’s “Bullsxxt”

EXCLUSIVE: Lifestyle Stores Vinod David Claims He “Has A New Investor” The Investor Claims It’s “Bullsxxt”

Vinod David the former operator of the NSW based Lifestyle Store and Theatre At Home business that is now in administration, is claiming that he will be back in business soon, despite having been declared bankrupt twice in the past, the only problem is that his claimed Melbourne backer has no knowledge of any deal claiming he is “full of shit” and that any claims that he is backing the disgraced executive is “Bullshit”.

The Theatre at Home business that has debts of over $8 million and is in administration and is set to be placed into liquidation today, has only been in business for 18 months with Vinod David telling creditors yesterday that he is prepared to offer them $0.10 cents in the dollar. The offer was rejected.

In separate discussions he apparently told the administrator that he had a new backer, but when ChannelNews approached the claimed investor they totally denied any involvement with Vinod David who is seen as a big problem for the audio industry because of his reputation for “ripping off consumers” as one industry executive said.

The former industry executive who has been branded a “liar at the best of times”, is facing action against him for trading while insolvent with hundreds of consumers facing millions in losses after he took deposits via both the Lifestyle Store that is not in administration despite the former North Parramatta Store being padlocked by the landlord because of a failure to pay rent and via Theatre At Home.

Vinod David is well known in the premium and custom install industry for lying about the financial position of businesses involving him, with suppliers and customers who have paid deposits wanting to see him prosecuted by authorities with some consumers who he took deposits from claiming that he took money from them using deception and that goods they allegedly paid for were never ordered or supplied.

“He conned us” said one upset family who paid for a new Home Theatre.

ChannelNews has checked out these claims with multiple suppliers and they are accurate, with some customers failing to be supplied goods or a new Home Theatre, after waiting more than 18 months despite distributors having stock, and being in a position to supply both The Lifestyle Store and Theatre At Home, if these two Companies that were operating using multiple credit cards paid for the goods upfront.

We have also been told of people going to Vinod David’s with cash “Deposit money” only to discover that orders were not placed for goods that deposits were handed over for.

Recently Vinod David convinced the owner of the property where the Lifestyle Store was located in NSW to let him into the premises to see what stock is actually left in the store after it was raided by upset creditors and investors.

 

We have also been made aware that he has told former staff who at this stage are owed both salary and super that he will be “back in business” and that he wants them to work for him despite his track record as a poor businessman.

Former Theatre At Home staff alone are owed $166,554, there is also $83,365 owed in Super.

At one stage ChannelNews witnessed two men who you could describe as “menacing” who had baseball bats in their motor vehicles, turn up at the Lifestyle Store as stock was being removed by a former investor in Theatre At Home.

They demanded goods in lieu of over $170,000 that had been handed over in deposits for goods that they had never been received from the Lifestyle Store.

We have been told that they walked away with nine premium Primare audio products.
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The snatch of these products resulted in NSW Police being called with both the administrators and the NSW Police aware of who took the products.
According to Paul Clarke from the distributor of Primare products in Australia they are aware of the situation and are waiting on the administrator to provide the police report on the incident

Currently one person who is owed over $300,000 is trying to get a group of people together to pursue Vinod David the sole director of the Lifestyle Store, and who was also a director of the failed Theatre At Home business for trading while insolvent.

ChannelNews understands that millions of dollars are missing or cannot be accounted for with the books of Theatre At Home described as a mess with one creditor claiming they are “dodgy” because of intercompany loans that don’t add up.

One creditor who is owed money claims “Vinod Christie would have trouble lying straight in bed. He is a compulsive liar who when pushed over money he owes claims that a new investor is always around the corner”.

The CEO of Hudson Homes Danny Assagby was an investor who actually trusted Vinod David, his now out of pocket after loaning Vinod David linked businesses over $7M dollars.

Questions are also being asked about the accuracy of financial documentation that was supplied to get the investment in the first place.

He has told ChannelNews that there is “Overwhelming evidence that Vinod David traded while insolvent”.

ChannelNews has communicated with several people including families who have lost tens of thousands of dollars in deposits following promises that have not been fulfilled by Vinod David.

Executives in the audio industry claim that he is running around the industry “begging to find a new investor”.

We are aware that he has spoken to several former suppliers claiming that he wants to get the Lifestyle Store “Back open” and that he will pay for stock.

What’s not known is whether former deposit money is being used to fund a new business, or whether he has sold several luxury cars that he formerly owned.

As one executive said after todays call with creditors” No one in their right mind would do business with him. He has burnt suppliers, customers and he owes staff money for both salaries and super, he is “totally delusional” and even worse he has a track record of going bankrupt leaving a trail of debt.

One PWC executive who paid an $80,000 deposit to the Lifestyle Store waited 12 months only to discover that the locks had been thrown on the doors of the North Parramatta Lifestyle Store because Vinod David had not paid the rent. He is still waiting for his goods.

Loan liabilities for TAH are over $4,676,000 to ROQO, with an additional secured creditor claiming $7,797,567, the administrator has also been swamped in $500 deposit claims that have not been honoured with this expected to rise in coming weeks.

The secured creditor Danny Assagby of Equiti Finance group is funding the administrators, with both Companies set to be placed into liquidation.

Secured creditors at Theatre At Home include Danwa, $7,797,564, Bizcap, and the Australian Tax Office.

In 2023 Theatre At Home had a bookkeeping loss of $1,256,233.

This was on top of the problems that the Lifestyle Store was facing.

Sales fell from $2.2M in 2022 to $650,000 in 2023 because he did not have the liquidity to pay for goods to get jobs invoiced.



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