Boots sold in £7bn deal to Canadian billionaire family

Boots, the renowned High Street pharmacy and retail chain, has recently been sold in a £6.7bn deal to the holding company of Canada's wealthy Weston family. Wittington Investments, the buyer, confirmed the agreement with Sycamore Partners, the US private equity firm that had owned Boots for 18 months before acquiring the previous owner.

The transaction encompasses Boots' operations in the UK and Ireland, Boots Opticians, No7 Beauty Company, and its Thailand and franchised businesses. Galen Weston, the chairperson of Wittington, emphasized the company's integral role in everyday life across the UK and Ireland.

The deal is anticipated to be finalized early next year. Boots has encountered difficulties in recent years due to mounting debt and evolving shopping habits, with many customers opting to purchase cheaper products online. The company has closed hundreds of branches in the UK, currently operating around 1,800 outlets and employing 51,000 people.

However, Weston, who will assume the role of Boots' chairman, expressed that the new owners have ambitious plans for the chain. He stated that through stable long-term ownership, additional capital investment, and a renewed operating focus, they aim to enhance the business and serve customers with excellence for generations to come.

The Weston family, known for their Canadian grocery chain Loblaws and pharmacy business Shoppers Drug Mart, previously owned the London department store Selfridges, which they sold for $4bn in 2022. They are also the majority shareholders in Associated British Foods, the parent company of Primark. The Westons ranked fifth on this year's Sunday Times Rich List, boasting a combined fortune of nearly £19bn.