High street giant Boots to be sold to billionaire Weston family in £6.7b deal
High street chain to be sold
A high street retail and pharmacy giant will be sold to a billionaire family for £6.7 billion, with the deal set to be complete by next year.
Boots, which has multiple stores in the area including in Commercial Road and in Gunwharf Quays, will be owned by the Canadian branch of the billionaire Weston family.
Wittington Investments, the Weston’s holding company, is due to buy the business from majority owner, private equity firm Sycamore Partners, and the Pessina family.
It comes only a year after Sycamore took over Boots through the acquisition of parent firm Walgreens Boots Alliance, before splitting the business into divisions.
Boots was founded in Nottingham in 1849 and has more than 1,800 UK stores.
Galen Weston, chairman of Wittington, who will become chairman of Boots once the sale is complete, said: “Boots is one of Britain’s most enduring businesses, with a rich heritage, a trusted name and a vital role in everyday life across the UK and Ireland.
“We see a meaningful opportunity to make a great business even better through stable long-term ownership, further capital investment, and the renewed operating focus required to serve customers with excellence for generations to come.”
The takeover deal will see Wittington acquire Boots’ retail and pharmacy operations in the UK and Ireland, Boots Opticians, the No7 Beauty Company, and its Thailand and franchise businesses.
The Canadian Weston family, which owns the grocery chain Loblaws and pharmacy business Shoppers Drug Mart in Canada through Wittington, first held talks to buy Boots earlier this year after it was put up for sale.
The deal is expected to close in the first quarter of 2027 and is subject to regulatory approvals.
Alex Baldock, the recently appointed chief executive of Boots, said: “Every day, our colleagues give millions of people longer, healthier and happier lives. Those customers and patients trust in Boots’ unmatched authority, capability and leadership across health, wellness and beauty.
“For all of our social impact and commercial success to-date, the opportunity ahead is even greater. I look forward to making the most of that opportunity and building a world-class Boots for our colleagues, customers, patients and communities.”