Made redundant but reason given doesnt add up.

I was recently paid off from my job along with a couple of other people as the company wasnt making enough in profit. We were explicitly told that it has nothing to do with our performance. The company is split into 2 and our side was funded by the other until we began to make profit. We were heading in the right direction but we werent there yet. The review was supposed to be in autumn this year but we were told recently that our side was being closed with immediate effect. My problem is not entirely with this. What i am wondering is that the owner continually used company money as 'expenses' or to make ridiculous purchases. I feel that we are being paid off because the money is low but we never stood a chance of making any money in the first place, as the owner appeared to be spending it all. I should add that he only takes a small wage from the company and used this as his excuse for spending thousands of pounds on personal affects. From what you have read is there anything i can do or is this situation all above board and just disapointing? Thanks in advance!