SB Remit enters administration as Opus reviews customer funds

Sukate & Bezeboh Ltd, the payment services company trading as SB Remit, has entered administration after financial difficulties left it unable to pay debts as they fell due. Frank Ofonagoro and Charles Turner of Opus Business Advisory Group were appointed joint administrators by the company’s director on 22 May.

SB Remit, which operated as a small payment institution regulated by the Financial Conduct Authority, has ceased trading. The administrators said they are taking control of the company’s affairs, securing its assets and identifying amounts owed to customers and other creditors.

The company had not opted into the FCA safeguarding requirements applicable to customer funds, meaning money held for customers was not subject to those protections. Customer balances are also not covered by the Financial Services Compensation Scheme.

Opus has begun identifying and reconciling funds held across SB Remit’s accounts to determine what amounts may be available for return to customers. The administrators are working with the FCA during the process.

“The company’s financial position has made it impossible to continue trading,” Ofonagoro said. He added that the administrators’ immediate focus is securing the company’s assets and reconciling customer funds as quickly as possible.

Customers claiming funds held by SB Remit have been asked to contact the administrators with details of the amount claimed and supporting documentation.