Boots sold in £7bn deal to Canadian billionaire family

Boots, a renowned High Street pharmacy chain, has been acquired in a £6.7bn deal by Canada’s wealthy Weston family. Wittington Investments, the holding company, announced the agreement on Wednesday to purchase the 177-year-old retailer from US private equity firm Sycamore Partners and the Pessina family.

Established as a simple apothecary in Nottingham, Boots has grown into a well-established retailer, offering a wide variety of health and beauty products, meal deals, and travel accessories. Despite challenges from competitors and shifting consumer habits, Boots has managed to thrive, closing numerous branches across the UK to reduce to approximately 1,800 stores and 51,000 employees.

In its latest annual results, Boots reported £7.5bn in sales, marking a 3.2% increase from 2024. Catherine Shuttleworth, the chief executive of Savvy Marketing, stated that shoppers are unlikely to notice significant changes in the stores in the near future. However, she anticipates that the new owners will invest in an enhanced shopping experience over time. Health and beauty products are expected to be a significant growth area, and fresh investment from the new ownership will support this.

Boots was founded by John Boot, who opened the first herbalist store in Nottingham in 1849, providing an affordable alternative to traditional medicines. Since its inception, the company has expanded its product range, maintaining its focus on health products, which include vaccines, eye and hearing tests, and various health care services, particularly during crises like the COVID-19 pandemic. The brand's popularity is bolstered by its loyalty scheme, the Advantage Card, launched in 1997.

Galene Weston, chairman of Wittington Investments, will assume the role of Boots' new chairman, alongside plans for shop upgrades and expanded healthcare services. The Weston family, which owns the Weston family’s Canadian grocery chain Loblaws, pharmacy business Shoppers Drug Mart, and previously owned Selfridges, will acquire Boots’ UK and Ireland retail operations, Boots Opticians, No7 Beauty Company, and its Thai and franchised businesses. The acquisition is anticipated to be finalized early in 2027.

The Weston family, valued at nearly £19bn, ranks fifth on this year’s Sunday Times Rich List. The UK branch of the Weston family owns Associated British Foods, the parent company of Primark. The remaining Boots assets, including the Mexican drugstore chain Farmacias Benavides and the German Alliance Healthcare, will remain under the ownership of Sycamore Partners and Stefano Pessina’s family.