The Baker Street site opened in 2005 and was the chef brothers’ first joint venture.
In a statement the Galvins said the classic French restaurant had been ‘ahead of its time’, but tastes had changed and they wanted to move on.
“We never wanted to water down the concept or the quality of food we have been proud to serve to a loyal clientele for 12 years,” they said.
“But in the world’s great cities things do not stand still. Tastes change and also, as creative chefs, we are restless and now want to do new things not just endlessly repeat the same style of cooking.”
All of the restaurant's staff will be found other jobs throughout the Galvin brother’s hospitality empire.
Since opening Bistrot de Luxe the duo's portfolio has grown to ten restaurants and pubs in the UK, including the Michelin-starred Galvin at Windows at the London Hilton on Park Lane.
The brothers also launched two restaurants in Dubai last year, and are planning further opening in 2018.
“[We] will launch a new concept for each of the next five years,” says Chris Galvin.
“I am really excited and positive about this change and looking forward to what we can develop now that we will have the time to consider and be open to new ideas.”
The news follows a spate of closures in the restaurant market in the first few weeks of 2018. Birmingham's Turners at 69 shut its doors on 15 January, while chain brands Jamie's Italian and Byron are considering reducing their estate as part of restructuring plans.