Key facts
- The Weston family is nearing a deal to acquire Boots' approximately 1,800 UK and Ireland stores for about £6.7 billion ($9 billion) including debt.
- Boots holds a 20% share of the UK health and beauty market.
- Boots' revenue rose 3.2% to £7.5 billion in the year to August 2025.
- Boots' pre-tax profit jumped 25% to £337 million in the year to August 2025.
- The Weston family controls George Weston Limited, which owns a majority of Loblaw Companies.
- Loblaw Companies owns Shoppers Drug Mart, Canada's largest pharmacy chain.
The Weston family is reportedly in advanced negotiations to acquire Boots' approximately 1,800 stores across the UK and Ireland for around £6.7 billion ($9 billion), including debt. This potential deal marks a significant shift for the pharmacy and beauty retailer, which has been owned by Sycamore Partners since last year.
Boots, a market leader with a 20% share in the UK health and beauty sector, has seen revenue grow 3.2% to £7.5 billion in the year to August 2025, with pre-tax profit jumping 25% to £337 million. However, the quality of its store estate is described as highly variable, with only about 10% featuring reinvented beauty halls.
The Weston family's retail empire in Canada includes Loblaw Companies, the country's largest grocery and pharmacy retailer, and Shoppers Drug Mart. George Weston Limited, the family's publicly-listed holding company, controls Loblaw. The family's experience in managing large retail pharmacy operations could be key to addressing the challenges within Boots' store portfolio.
Negotiations have been ongoing for months, with Australia's Sigma Healthcare previously withdrawing from talks and the Westons reportedly cutting their offer at one point. The deal's success hinges on how the Westons plan to improve the uneven store estate, with M&S's recent store reset cited as a potential benchmark.