Sukate & Bezeboh Ltd, trading as SB Remit, entered administration on 22 May 2026 following the recognition that the firm was insolvent. The company is a small payment institution authorised by the Financial Conduct Authority (FCA) to provide payment services.
On 22 May 2026, Charles Turner and Frank Ofonagoro of Opus Restructuring LLP were appointed as joint administrators of SB Remit. They are responsible for overseeing the administration process, including managing customer claims against the firm and returning funds to customers where possible.
Pre-administration restrictions
Prior to entering administration, SB Remit agreed to a voluntary undertaking on 13 May 2026. This undertaking imposed restrictions on the activities the firm could undertake. Among these measures were restrictions preventing SB Remit from accepting new customer funds. These steps were taken in the period leading up to the firm being placed into administration.
Role of the joint administrators
The joint administrators, Charles Turner and Frank Ofonagoro, will manage the process of handling customer claims and distributing any available funds. Their role includes assessing the firm’s financial position, dealing with creditors, and seeking to return funds to customers where possible under the insolvency process.
SB Remit sought professional insolvency advice before entering administration. As a result of this advice, it was recognised that the firm was insolvent, leading to the appointment of the joint administrators.
Regulatory oversight and customer contact
SB Remit remains authorised by the FCA, and the FCA has stated it will engage with the joint administrators to seek the best outcomes for customers. The regulator’s ongoing involvement reflects its role in overseeing authorised payment institutions and monitoring the treatment of customers in insolvency situations.
Customers with queries or claims are advised to contact the joint administrators directly. They can do so by emailing [email protected] or by calling 0161 383 8419. These contact channels have been provided for customers affected by the administration of SB Remit.
