The firm invited offers for its support services division in February.
But bidders wanted to break-up the business.
Rick Willmott, Group Chief Executive, said: “While considerable interest was received, once properly tested, all the proposals either fell short of perceived value or would have resulted in the dismantling of the business and its culture and the redistribution of its assets, which would not have been fair to either customers or employees.
“We have therefore decided to withdraw from negotiations, to reinstate the business in its longer term plans, and have re-committed our full support and energy to capture the immense potential within the current team and the support services sector.
“This process has been very hard work and at times an unhelpful distraction for the team involved.
“It has also highlighted their immense ability, resilience, selflessness and professionalism – of which they can be very proud and for which we are extremely grateful.”
Support services has a turnover of £143m a year and delivered a £2.9m pre-tax profit for 2014.
It employs around 1,400 people.