Boots sold in £7bn deal to Canadian billionaire family

British pharmacy chain Boots has been sold in a £6.7bn deal to the holding company of Canada's Weston family. Wittington Investments confirmed the acquisition from US private equity firm Sycamore Partners, who had owned Boots for 18 months following the previous sale. The deal encompasses Boots' UK and Ireland retail operations, Boots Opticians, No7 Beauty Company, and its Thailand and franchised businesses.

Weston family chairman Galen Weston praised Boots as playing a vital role in everyday life across the UK and Ireland. The transaction is anticipated to be finalized early next year. Boots has encountered difficulties in recent years due to mounting debt and evolving consumer habits, leading to reduced spending on premium products online.

The company has closed hundreds of branches, currently operating with around 1,800 locations and a workforce of 51,000. Weston, who will assume the role of Boots' chairman, expressed optimism about the future, stating that the new ownership aims to strengthen the business through long-term stability, increased capital investment, and a renewed focus on delivering exceptional customer service.

The Weston family, known for their Canadian grocery chain Loblaws and pharmacy business Shoppers Drug Mart, previously owned 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 budget clothing retailer Primark. The Weston family ranks fifth on the Sunday Times Rich List, boasting a combined fortune of nearly £19bn.