Citex had itself been based around the purchase of the original Bucknall Austin in 1998.
Bucknall said: "As a new owner-managed business, we've had to acknowledge weaknesses and deal with issues quickly and fairly."
He added: "In any circumstances redundancy is difficult, both for the staff affected and those that remain. However, we see this as the final part of our strategy to ensure that we move forward, and focus on and invest in our people and our services to customers."
The redundancies come as the firm completed the first phase of its legal and financial restructuring. This included contacting clients to check if they were happy to still use Bucknall Austin's services under its new structure.
The company's now comprises a three-strong executive board and a management board of 20 people below it. Bucknall, chief executive John Morgan and operations director Ann Bentley sit on the executive board.
The company's 300 remaining employees will also be given the chance to buy into the business and a new corporate image has been drawn up, expected to be launched over the summer.