Leicester-based software developer CYF Management has fallen into administration less than two years after significantly expanding its workforce.<\/p>\n
Marco Piacquadio and Rachel Ennis have been appointed as joint administrators, placing the business into formal insolvency proceedings.<\/p>\n
Based on De Montfort Street in Leicester, CYF Management specialises in business and domestic software development.<\/p>\n
The company’s latest accounts suggest it had been scaling up quickly before its collapse, with the average number of employees, including directors, increasing from just one in the previous financial year to 26.<\/p>\n
The joint administrators will now oversee the company’s affairs while exploring options to maximise returns for creditors. These could include a sale of the business, a restructuring or the realisation of its assets.<\/p>\n","protected":false},"excerpt":{"rendered":"
Leicester business experienced significant growth in recent years, with its team growing from one employee to 26<\/p>\n","protected":false},"author":266702,"featured_media":2089521,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53262],"coauthors":[127717],"class_list":["post-2113258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-featured-story","tag-leicestershire"],"yoast_head":"\n