His announcement was met with sadness on social media, with some loyal users describing it as "the end of an era"."It hasn’t covered its costs and like any business this can’t continue indefinitely," Pankhurst continued.
He took the chance to have another dig at Facebook, saying that Liife would only allow people to share memories with people who want them.
"One of my biggest gripes with Facebook are the times people tag or share photos of you and everyone sees them," he said.
"And I too don't want to see everyone else’s group party shots.
Plus the fact that they are lost in a mass of vacuous information.
"Don’t get me wrong, Facebook is fantastic for lots of things and keeping in touch, but as a tool to plot my life its rather cumbersome." Pankhurst founded the website back in 1999, when his wife Julie was pregnant with their first child.
It "exploded" in 2001 and became massively popular around the world.
"Just keeping the site going was a challenge under the amount of traffic we were getting," Pankhurst continued.
Friends Reunited has closed down after 15 years of helping old friends stay in touch over the internet.
People who are still on the site's mailing list were told about the closure today in an email from the original founder, who also penned a long and heartfelt essay about his creation.
The website was considered to be one of the first social networks on the web, but simply couldn't compete with modern rivals.
In a Medium post , founder Steve Pankhurst said the business "started to decline with the likes of Facebook taking over social networking".