Boots nears £7 billion sale to Canada’s Weston family
Boots owner Sycamore Partners is in advanced talks over a sale to Canada’s Weston family worth around $9 billion (£7 billion), according to reports by the Financial Times.
The negotiations are ongoing and no final decision has been made yet, although the proposed deal could be reached within the coming weeks, according to reports.
The acquisition of Boots would mark the return of the Canadian branch of the Weston family to UK retail, after it sold Selfridges for £4 billion in 2022.
The British branch of the family, which is separate from the one making the Boots acquisition, continues to control Primark through Associated British Foods.
Talks advance after August standstill
The latest news follows the Weston family reportedly reaching an impasse in negotiations in August. According to reports, after months of negotiations the Weston family had lowered their offer, which Boots owner Sycamore rejected. Negotiations have since, however, resumed.
Australian pharmacy group Sigma Healthcare had been reported as another potential bidder, although the company withdrew from takeover talks in June. At the time Sigma commented that an acquisition would not align with its strategic aims and capital investment plans.
The potential deal comes a year after Boots was snapped up by private equity firm Sycamore Partners after the US investment giant acquired parent firm Walgreens Boots Alliance for 23.7 billion US dollars (£17.7 billion).
In August last year, Sycamore then split Boots from the US operations.
The new UK-based Boots business included Boots UK and Ireland, Boots opticians, No7 Beauty company and pharmacies in Thailand, Mexico and Germany.
Sycamore has reportedly also considered a London stock market listing for the retailer, with initial reports in April revealing that Boots and Sycamore had hired consultants on a strategy overhaul in preparation for a possible listing in 2027.
The advisors had also been tasked with exploring growth initiatives across the beauty and wellness sectors.
Beauty expansion under new leadership
The latest reports follow ex-Curry's boss Alex Baldock taking over as Boots' new CEO in September. The appointment was considered to be a further milestone in the health and beauty retailer's ongoing business transformation.
Boots today operates over 1,800 stores across Britain, selling health and beauty products as well as pharmacy services. In May it further added to its portfolio, opening its second beauty-only concept store at Cabot Circus in Bristol.
The 11,000 sq ft location carries more than 200 beauty brands across skincare, haircare, fragrance, cosmetics, wellness and electrical beauty categories, and is the retailer's first standalone beauty concept outside London following its 2023 launch at Battersea Power Station.
The retailer further said that its beauty assortment had now grown to more than 500 brands, with almost 60 introduced during the previous year.
Some of the most recent additions include Korean dermocosmetic brand Aestura, Charlotte Tilbury and Jo Malone London.
Category growth has also moved beyond prestige beauty and skincare. More than 250 stores now stock Australian scalp-care brand STRAAND, while Sweaty Betty made its debut beauty move with Boots, and British deodorant brand Make Waves secured a 385-store rollout for its refillable antiperspirant. Meanwhile gut health brand We Are Regular launched in select stores and online at Boots in May.
From September, Wrinkles Schminkles, which makes reusable silicone wrinkle patches, also entered more than 60 Boots stores via the Boots Ignite platform.
Boots’ UK retail and pharmacy sales were boosted by new beauty brands and increased use of weight-loss injections. For the year to the end of August 2025, revenue rose 3.2% to £7.545 billion, while digital sales increased 18.3%.
Pre-tax profit rose 25% to £337 million, with the reversal of impairment charges contributing to the increase. Post-tax profit increased to £261 million from £211 million a year earlier.
