Frank Ofonagoro and Charles Turner of Opus Business Advisory Group have been appointed Joint Administrators of Sukate & Bezeboh Ltd, trading as SB Remit, on 22 May 2026, under paragraph 22 of Schedule B1 of the Insolvency Act 1986.
SB Remit is a small payment institution regulated by the Financial Conduct Authority (FCA). The appointment follows a period of financial difficulty for the Company, which led to the Company being unable to continue to pay its debts as and when they fell due. The Company’s director resolved to commence insolvency proceedings to protect the interests of customers and creditors. The Company has now ceased to trade.
SB Remit operated as a small payment institution and did not opt in to comply with the FCA’s safeguarding requirements in respect of customer funds. As a result, customers’ funds are not covered by the Financial Services Compensation Scheme (FSCS). The Joint Administrators have commenced the process of identifying and reconciling customer funds held across SB Remit’s accounts, with a view to establishing what funds may be available for return to customers.
Frank Ofonagoro, Partner at Opus Restructuring LLP, said, “The Company’s financial position has made it impossible to continue trading, and the director has taken the responsible step of placing the Company into administration to protect customers and creditors. Our immediate focus is to take control of the Company’s affairs, secure its assets, and work to identify and reconcile the funds held for customers as quickly as possible.”
The Joint Administrators’ immediate priorities are to take control of the Company’s affairs and critical trading infrastructure, secure the Company’s assets, identify the extent of any funds owed to customers and creditors, and engage with all affected parties as quickly as possible. The Joint Administrators are working closely with the FCA throughout this process.
Charles Turner, Partner at Opus Restructuring LLP, added, “We understand this will be a very uncertain and worrying time for customers and others affected by this appointment. We are committed to communicating openly and as promptly as possible.”
Customers who believe they have funds held by SB Remit should contact the Joint Administrators at , providing their full name, contact details, the amount they believe is held and any supporting documentation.
Further information, including FAQs, is available on the Opus website at https://opusllp.com/restructuring-insolvency/case-sukate-bezeboh-limited-in-administration. Creditors and suppliers should also make contact via the same address to register their claims.
