PwC said that "considerable interest" was shown in the business but no offers to provide a solvent outcome were forthcoming.
Solus company directors chose to put the company into administration.
The Halesowen, Worcestershire-based wholesale supplier of garden and leisure products had a turnover of £29.3million in the six months to 30 March 2014 and employs around 250 people across its locations.
Its own brands include Yeoman, Joseph Bentley, ChapelWood, Garden Nation, Botanico and Bermuda.
Joint administrator and director at PwC Tony Barrell said: "Our immediate priority is to engage with employees, key customers and suppliers with the aim of continuing to trade, which we believe is achievable.
"We are pleased to confirm that employees will be paid for work done prior to our appointment and while they continue to work.
"We are hopeful of securing a sale and there are already a number of parties interested in purchasing the business."
In late 2013, in the face of difficult trading conditions, the company sought additional investment to support a turnaround.
Speaking at the end of last month a Solus representative said that negotiations with buyers were progressing.