No, they found a stash of leftover Loran
Britain was really late coming to Loran
, and fired up a bunch of new transmitters in the mid-90's - which were considered obsolete just as they were coming online. With other nations nearby shutting down Loran sites in the mid- to late-90s it didn't seem to make much sense.
Personally I think it was a huge mistake - updating instead of shutting down was the right thing to do. GPS is subject to interference
flares, and we have been fortunate lately that we are at an historic low. A terrestrial system like Loran is a very sensible backup. I guess we needed the money
for Bush's wars...