Boots Sold to Canadian Billionaire Family in £6.7bn Deal

Boots, one of Britain's best-known high street pharmacy and retail chains, has been sold to Canada's billionaire Weston family in a deal worth $8.9bn (£6.7bn).

The 177-year-old retailer has been bought by Wittington Investments, the Weston family's holding company, from US private equity firm Sycamore Partners and the Pessina family.

The deal marks another major change in ownership for a company that has undergone several transformations over the past two decades.

A British high street institution

Boots began life in Nottingham in 1849, when John Boot opened a herbalist shop offering affordable alternatives to traditional medicines.

The business grew from a small apothecary into one of Britain's most recognisable retail brands.

Today, Boots sells everything from medicines and beauty products to food, travel accessories and everyday household items.

Its healthcare role has also expanded over the years.

Customers can access services including vaccinations, eye tests and hearing tests, alongside the pharmacy services that remain central to the business.

The company's Advantage Card, launched in 1997, also became one of the UK's best-known retail loyalty schemes.

Boots remains a major employer

Despite the challenges facing the high street, Boots remains a substantial business.

The company has around 1,800 stores across the UK and employs approximately 51,000 people.

It has closed hundreds of branches in recent years as shopping habits have changed and footfall in town and city centres has declined.

The growth of home working has also reduced the number of people routinely travelling into traditional retail areas during the working week.

Despite those pressures, Boots reported £7.5bn in sales in its latest annual results, representing a 3.2% increase compared with 2024.

What will the new owners do?

The Weston family has indicated that it intends to invest in the business.

The new ownership has highlighted plans for store improvements and an expansion of healthcare services, alongside what it describes as a longer-term approach to running the company.

Weston family representative Galen Weston, who is expected to become chairman of Boots, said the family saw an opportunity to build on the existing business through long-term ownership and further investment.

For customers, however, any significant changes are unlikely to happen immediately.

Retail expert Catherine Shuttleworth said shoppers were unlikely to see major differences in the coming months, although she expects investment over time to improve the shopping experience.

She also identified health and beauty as important areas for potential growth.

Another change of ownership

The deal is the latest chapter in a long series of ownership changes.

Sycamore Partners has owned Boots for only around 18 months, following its acquisition of the retailer.

Shuttleworth described the frequent changes in ownership as an "unhelpful distraction", highlighting the uncertainty that can come with repeated changes in corporate control.

The Weston family is now positioning itself as a longer-term owner.

Who are the Westons?

The Weston family is one of Canada's wealthiest families.

Its business interests include Loblaws, Canada's largest supermarket group, and Shoppers Drug Mart, a major Canadian pharmacy chain.

The family also previously owned London's Selfridges department store, which it sold in 2021 for around $4bn.

A separate UK branch of the Weston family is the majority owner of Associated British Foods, the company behind Primark.

The family was ranked fifth in this year's Sunday Times Rich List, with a combined fortune estimated at almost £19bn.

What exactly is being bought?

The deal covers Boots' retail operations in the UK and Ireland, as well as:

• Boots Opticians

• No7 Beauty Company

• Boots' Thailand business

• Its franchised operations

Completion of the transaction is expected in early 2027.

Wittington Investments will have operational control of Boots through its partnership with Fairfax Financial Holdings, a Toronto-based investment company.

Sycamore Partners, together with Stefano Pessina and his family, will retain ownership of Farmacias Benavides in Mexico and Alliance Healthcare Deutschland in Germany.

A new chapter for Boots

For generations of British shoppers, Boots has been a familiar presence on the high street.

Its latest ownership change comes at a time when traditional retail is facing significant challenges, while demand for accessible healthcare services continues to evolve.

The Weston family's investment could bring new capital and a longer-term strategy to the business.

But the real test will be what customers and employees see in the years ahead.

Will stores be modernised?

Will healthcare services expand?

Will the number of branches stabilise?

And can Boots continue to combine its traditional role as a pharmacy with its increasingly important position in health, beauty and retail?

For now, Boots remains the same familiar name on Britain's high streets — but it has a new owner and potentially a very different chapter ahead.