Sole director Valentina Siderovski puts Yogurtland company in voluntary administration owing $3.2m

YA Aust, formally known as Yogurtland Administration, was placed in the hands of voluntary administrator Andrew Blundell, of Cathro & Partners, in December by sole director Valentina Siderovski, the wife of Yogurtland Australia founder and Newcastle accountant Paul Siderovski.

Yogurtland Australia permanently closed its doors in March last year, leaving about 200 employees out of work from 11 stores on the same day as the JobKeeper employee subsidy came to an end.

At the time, Mr Siderovski, a Tony Robbins convert and business motivational speaker who had grand visions of opening up to 50 Yogurtland stores across Australia in five years, blamed the collapse of the self serve frozen yoghurt chain on the COVID-19 pandemic.

In a report filed with the Australian Securities and Investments Commission, Mrs Siderovski said the company owed $3.268 million, including $1.39 million to the ATO.

The biggest creditor was Mrs Siderovski claiming $1.7 million.

Two other companies controlled and owned by Mrs Siderovski, which were set up on December 13 last year, just three days before YA Aust was placed in voluntary administration, are listed as being owed $173,297.

Benco Holdings Pty Ltd is listed as owed $25,000 and Psomi Investments Pty Ltd is claiming $148,297.

Mr Siderovski, who is the founder of Newcastle's SiDCOR Chartered Accountants, came across the business model on holiday in Hawaii and bought the Australian rights to the franchise in 2013.

The collapse of the business, that had three corporate stores in the Hunter, follows a mutiny from all franchisees several years ago after stores failed to perform as expected.

The Newcastle Herald revealed in 2019 how Yogurtland Australia gouged its franchisees by inflating costs for their stores, selling used yoghurt machines from failed corporate stores for almost double the cost of new ones.

At the time Mr Siderovski said Yogurtland made no profit from the shop fitouts.

Four couples from the Hunter and Central Coast signed on as franchisees and opted out of their struggling stores amid claims of large financial losses.

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