Solus Garden & Leisure have gone into administration, it was announced this afternoon.

Rob Hunt and Tony Barrell of PwC have been appointed joint administrators, ending weeks of speculation about the company’s future. They say a number of potential purchasers have already expressed interest.

A statement from PwC said Solus had been seeking additional investment following “difficult trading conditions” in late 2013 and had approached a range of third parties. “However, whilst considerable interest was shown in the business, no offers provided a solvent outcome and as a result, the directors have decided to place the Company into administration.”

Talks with one potential partner, Scotts, broke down last month at an advanced stage of negotiations.

Solus, whose head office is at Hunnington, Worcestershire, had turnover of £29.3m in the six months to 30 March 2014. It has a workforce of 250.

Its key wholesaling operation is complemented by a range of well-known brands, including Yeoman, Joseph Bentley, ChapelWood, Garden Nation, Botanico and Bermuda.

Tony Barrell said PwC’s immediate priority was to engage with employees, key customers and suppliers so Solus could continue to trade. This, he believed, was achievable. Employees would continue to be paid “for work done prior to our appointment and whilst they continue to work”.

He added: “We are hopeful of securing a sale and there are already a number of parties interested in purchasing the business.”