The 49 stores at risk will continue to trade while Teneo looks for a buyer, and there will be no immediate redundancies.
Along with up to 70 stores, Range owner CDS Superstores has also bought the brand name and intellectual property.
The Homebase brand will continue online, and the physical shops will become The Range stores.
Homebase chief executive Damian McGloughlin said the past three years had been “incredibly challenging” for DIY stores.
He said a “decline in consumer confidence and spending following the pandemic” and “persistent high inflation, global supply chain issues and unseasonable weather” had all had an impact.
McGloughlin said the business had restructured and sought investment, but “these efforts have not been successful”.
He added that staff would find the news of the collapse “unsettling”.
Teneo joint administrator Gavin Maher said “this is a very difficult and uncertain time for all involved”.
He said any party with an interest in buying the remaining stores should “get in touch”.
