Boots runs 1,800 UK stores with 51,000 staff
Wittington Investments, the holding company of the Weston family, has agreed to buy UK pharmacy and retail chain Boots from US private equity firm Sycamore Partners in a deal valued at $8.9 billion (£6.7 billion). Wittington confirmed the agreement on Wednesday.
The transaction ends Sycamore’s 18-month ownership of the retailer and transfers the High Street pharmacy and retail chain to the Canadian family behind Loblaws and Shoppers Drug Mart. Galen Weston, chairman of Wittington, will become chairman of Boots once the deal closes.
The deal covers Boots’ retail operations in the UK and Ireland, Boots Opticians, the No7 Beauty Company, and Boots’ Thailand and franchised businesses. Completion is expected early next year.
Weston said Boots played “a vital role in everyday life across the UK and Ireland.” He framed the deal as a long-term investment, saying: “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.”
Boots has faced challenges in recent years with growing debt and changing shopping habits resulting in more people buying cheaper products online. It has closed hundreds of branches across the UK, leaving it with about 1,800 stores currently and 51,000 employees.
The Weston family’s broader holdings include the Canadian grocery chain Loblaws, the pharmacy business Shoppers Drug Mart, and a majority stake in Associated British Foods, the parent firm of clothing retailer Primark. The family previously owned the London department store Selfridges, which it sold in 2022 for $4 billion.
The Westons were ranked fifth on this year’s Sunday Times Rich List with a combined fortune of almost £19 billion.