The cut flower grower said the senior management team "have continued throughout the consultation period to try and find a solution to enable the business to continue. Unfortunately this has not been possible and Lincsflora will close on 23 May 2015".
The company, which was formed out of Winchester Growers this year, supplied millions of tulips, lilies, gladioli, sweet Williams and sunflowers to Tesco, Waitrose and Sainsbury's.
It employed 118 staff at Nocton and Pinchbeck. The parent company is Univeg, which also operates a £170m fruit business in Lincolnshire.
Winchester Growers and Lincsflora annualised turnover was £45m and the remaining Winchester Growers business is estimated as £15m per annum.
At the start of the year, Winchester Growers separated out the daffodil-growing business, which will continue growing as normal. It will focus on daffodil production in Cornwall.
Lincsflora, which runs the growing operation in Lincolnshire, informed staff on 30 January that it was looking at proposals to close.
Joint managing director Mike Harpham said the best time to stop would be at the end of May after Valentine's Day, Mother's Day and Easter peaks. The company was been on the market after a strategic review looked at the future investment required to make the business a leading standard flower producer and packer.
The review said there was "quite a heavy investment required by shareholders" and they "decided they didn't want to continue with investing with that particular business", Harpham added.