Boots, the High Street pharmacy and retail chain, has been sold to Canada's billionaire Weston family in a deal worth $8.9 billion, or about £6.7 billion.
Wittington Investments, the family's holding company, confirmed on Wednesday that it had agreed to buy the 177-year-old retailer from the US private equity firm Sycamore Partners and the Pessina family.
The sale brings another change of ownership for one of Britain's best-known shopping brands, which has been passed between investors several times over the past two decades.
From Nottingham apothecary to national chain
Boots began as a simple herbalist shop in Nottingham, founded by John Boot. Over generations it grew into a fixture of almost every British town centre, selling prescriptions, health and beauty products, meal deals and travel essentials.
Today the chain has about 1,800 stores and 51,000 employees across the UK, including branches in towns and cities throughout Scotland. In its most recent annual results it generated £7.5 billion in sales, a 3.2% increase on 2024.
The business has closed hundreds of branches in recent years as it slimmed down its estate. Footfall has fallen at many stores as more people work from home instead of visiting town and city centre offices every weekday.
Who are the Westons?
The Weston family is one of the wealthiest business dynasties in the world. Its Canadian branch controls major retail and food interests in North America, while related interests in the UK include the Associated British Foods group, owner of Primark.
Wittington Investments is the private holding company through which the family holds many of these interests. The Boots purchase marks a significant expansion of its presence on the British High Street.
Churn at the top
Sycamore Partners owned Boots for only 18 months. The private equity firm took control as part of its purchase of Walgreens Boots Alliance, the US-based group that had previously owned the chain alongside the Pessina family.
Retail expert Catherine Shuttleworth, chief executive of Savvy Marketing, said the repeated changes of owner had been an unhelpful distraction for the business.
She said shoppers were unlikely to notice much change in stores in the coming months. But over time, she said, customers could expect an improved shopping experience as the new owners invested.
Ms Shuttleworth described health and beauty as a massive area for growth and said fresh investment would help Boots compete in that market.
Competition on all sides
Boots faces fierce rivalry from supermarkets that sell pharmacy and beauty products, specialist beauty retailers and online sellers. Its pharmacies also operate in a sector under strain, with community pharmacists warning about funding pressures and staff shortages.
At the same time, the chain has performed well in recent years by leaning on its strengths: its pharmacy counters, its own-brand ranges and its loyalty scheme, which keeps millions of customers coming back.
What it means for staff and shoppers
The deal is expected to be scrutinised by regulators before it completes. No immediate plans for store closures or job cuts have been announced.
For employees, the arrival of long-term family owners rather than private equity may bring hopes of stability after years of uncertainty. For shoppers, the immediate experience is likely to remain the same, with any changes arriving gradually.
The bigger question is whether the Westons will use their deep pockets to modernise Boots and expand its health services, or whether the chain will continue to shrink its estate. That strategy will shape the future of one of the UK's most familiar shopfronts.
Boots has survived wars, recessions and the rise of online shopping since its Victorian origins. Its new owners will now try to steer it through one of the most testing periods the High Street has faced.
