The website is based at Archant’s office in Barking, and features content from local newspapers that the company publishes in London.
Around 80pc of content is produced originally by the London24 team, with the other 20pc being syndicated.
Archant’s London newspapers also retain their own standalone sites alongside London24.
The site is edited by Kate Nelson, who took up the role in December 2014 after serving as its news and entertainment channel editor.
The website celebrated tipping one million unique users for the first time in July 2014.
A spokeswoman for the company said: “Archant can confirm that the decision has been made to close London24.”
“The company has completed a consultation process with the five affected members of staff this week.”