Loews is closing its doors for good after three decades.
The company announced on Wednesday that it had agreed to a deal with London’s Metropolitan Police that will see it close its doors on December 31st, 2018.
The announcement came after a month-long investigation into the company, which has been at the centre of a number of controversies over the years.
On Thursday, Loews confirmed that it would be taking its business to its parent company, Allied Capital Partners, and would no longer be part of the Loews family.
“It’s time for us to take a step back and move forward.
As we said at the outset, the Loew family’s long-term vision is to become a global leader in hospitality, which will enable us to grow even further,” the company said in a statement.
Loews, founded in 1984 by British-born entrepreneur David Loew, was founded in London’s Hyde Park by Michael Lees and his partner, Tony Brown, who both came from wealthy backgrounds.
It quickly became a fixture in the UK, with a number being based in the city and catering to international clients.
In addition to serving a range of corporate clients, it also supplied hospitality services to major hotels, including the Sheraton Hotel, the Marriott Hotel and the Sherwood Inn, among others.
The hotel chain’s chief executive Michael Povey said at a press conference on Wednesday: “I am thrilled to welcome Loews into the Lofts family of companies and I can’t wait to get started.”