Eight staff at an accountancy business near Cockermouth have been made redundant.
Simplyco was part of the NRL Group, a recruitment business with offices at Dovenby. It was sold to PayStream, in December.
A PayStream spokesman said: “We went through a detailed consultation process with all Simplyco employees.
“All employees declined to take up the offer of continuing their employment permanently with PayStream and we wish them well in their future careers.”
An NRL spokesman said: “We completed the sale to PayStream Limited of our specialist personal accountancy business, Simplyco Limited, on December 5.
“Simplyco is a very strong brand built by the NRL Group around loyal customers and a strong team.
However, personal accountancy services are not a core service of the NRL Group and our rationale in selling the business is that a specialist owner is better placed to invest in the Simplyco business for the long-term benefit of all stakeholders given the increasingly complex nature of the legislative environment in this area.
“We have worked with the new owner to support the team of eight employees in the transition period as the team became employees of the new owners when we completed the sale.”
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