Not enough details here to advise but google around the law and redundancy and you'll find plenty.
Was there consultation
What are the grounds
Could last in first out be argued
Were you given any chance to defend your position
You can take an unfair dismissals case to the EAT if you feel you have been treated unfairly (this is an actual legal definitio not just they don't like me)
If you are only getting minimum and you fell you have a basic case it might be worth mentioning you are considering this and the offer might miraculously improve