The proposed £7bn sale of Boots to the billionaire Weston family has reportedly stalled after the prospective buyer reportedly reduced its offer.
Boots owner Sycamore Partners is understood to have rejected the revised bid, leaving negotiations over a possible takeover at a standstill, according to The Times.
The Weston family is said to have lowered its offer after a rival suitor withdrew from the sale process. Sycamore had previously held discussions with several prospective buyers, including Australian pharmacy group Sigma Healthcare, over a deal valued at about £7.5bn.
The New York-based private equity firm acquired Boots’ former parent company, Walgreens Boots Alliance, in August last year through a transaction valued at up to £17.6bn.
The takeover saw Boots become part of a standalone, UK-headquartered private business, with former Walgreens Boots Alliance executive Stefano Pessina and his family reinvesting their interests in the group.
Pessina is now understood to hold a stake of almost 50 per cent in Boots and is reportedly unwilling to accept the Westons’ reduced valuation.
Should the family decline to raise its offer, Boots’ owners could abandon the sale talks and return to plans to overhaul the business before pursuing a London stock market listing within the next two years.
The potential float would be led by incoming chief executive Alex Baldock, who is due to join Boots from Currys this autumn.
Baldock, who spent eight years leading the electricals retailer’s turnaround, will succeed Anthony Hemmerdinger and oversee Boots’ UK and Ireland pharmacy and retail operations, Boots Opticians and the No7 Beauty Company.
Boots operates more than 1,800 stores across the UK and employs over 50,000 people.
The retailer’s pre-tax profits increased 25 per cent to £337m in the year to the end of August 2025, while revenue rose 3.2 per cent to £7.5bn. Comparable retail sales climbed 5.8 per cent, supported by growth across its beauty business.
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