Boots sold in £7bn deal to Canadian billionaire family

Boots, the well-known High Street pharmacy and retail chain in the UK, has been sold in an $8.9bn (£6.7bn) transaction to Canada's billionaire Weston family. Wittington Investments, the holding company, confirmed it reached an agreement to acquire the 177-year-old company from US private equity firm Sycamore Partners and the Pessina family.

Originating as a modest apothecary in Nottingham founded by John Boot in 1849, the company grew into a staple of British High Streets, offering a wide array of health and beauty items, meal deals, and travel accessories. Despite facing intense competition and shifting consumer habits that led to the closure of hundreds of branches across the UK, the brand maintains roughly 1,800 stores and 51,000 employees.

Stock photo for illustration only, not from the actual event

During its latest financial year, Boots generated £7.5bn in sales, marking a 3.2% increase compared to 2024. Catherine Shuttleworth, a retail expert and chief executive of savvy marketing, noted that shoppers are unlikely to notice immediate changes in stores over the coming months, though fresh investment from the new owners will eventually bring an improved shopping experience.

"We see a meaningful opportunity to make a great business even better through stable long-term ownership, further capital investment, and the renewed operating focus required to serve customers with excellence for generations to come."

Weston

The Weston family owns Canadian grocery chain Loblaws and pharmacy business Shoppers Drug Mart, and previously owned London department store Selfridges between 2003 and 2021 before selling it for $4bn. Additionally, the UK branch of the family serves as the majority owner of Associated British Foods, the parent company of Primark. Wittington will maintain operational control of Boots through a partnership with Toronto-based holding company Fairfax Financial Holdings.