Isn't it the same thing? If you are going to make some redundant, you need to exercise a proper process for deciding who, based on business needs and skills. ACAS website is really good for these kinds of problems.
If things are really that bad and you have a limited company you need to be aware of the risk of insolvent trading, this can get you into all sorts of trouble if you eventually end up in front of a receiver. Please seek proper advice asap.