Boots owner reportedly exploring overhaul ahead of possible London listing

The owner of health and beauty giant Boots is reportedly working with consultants on a strategy overhaul as the company prepares for a potential listing on the London stock market in 2027.

Boots and its parent company Sycamore Partners are said to have been in conversation with consultants over the past few weeks about the possibility of a public listing, three sources familiar with the plans told Reuters.

The sources said that currently discussions were at a preliminary stage and that no final decision had yet been taken regarding the company's public listing. One source noted that, given private equity interest in the business, it is possible that Boots could be sold.

The advisors have also been tasked with exploring growth initiatives across the beauty and wellness sectors.

Boots today operates over 1,800 stores across Britain, selling health and beauty products as well as pharmacy services.

Last August, Sycamore completed its $10 billion (£7.4 billion) deal to buy Walgreens Boots Alliance. Since then, it split off the international parts for the US-based WBA to operate as The Boots Group.

Since the acquisition, Sycamore has split the group into five separate businesses, formally separating Boots from Walgreens’ US retail operations.

Italian billionaire and WBA boss Stefano Pessina and his family retained a stake in Boots as part of the deal.

In January this year, Boots CEO Ornella Barra stepped down to become Chair of the business. At the time, a person familiar with the matter told the Financial Times that the reshuffle could pave the way for Boots to be separated further from its parent company and potentially return to the London stock market in the coming years, after earlier attempts to sell the chain failed.

Boots was previously put up for sale with a price tag of £7 billion in January 2022. However, this was called off in June 2022 after the business failed to find a suitable buyer.

In 2023, rumours again circulated of a potential sale of Boots UK, following pressure from its US parent company to break up Walgreens Boots Alliance.

Boots traces its roots back to 1849 when John Boot opened his first store and completed its mega-merger with Walgreens in 2014.

TheIndustry.fashion has reached out to Boots for comment. Sycamore Partners has declined to comment.