Major update over Boots owner after 300 stores across UK shut

Walgreens Boots Alliance, which operates more than 1,800 stores, Boots stores in the UK, has been sold to the US private equity firm Sycamore Partners after struggling in the internet era.

The US owner of UK pharmacy chain Boots is set to be taken private in a $10bn deal. Walgreens Boots Alliance has been sold to Sycamore Partners and it ends almost a century of trading on public markets, it has emerged.

It had previously been reported by the Financial Times that Sycamore was planning on splitting up the company’s US and UK pharmacy businesses. Boots has closed 300 shops across the UK, as part of its plan to reduce its store count.

Walgreens Boots Alliance, which operates more than 1,800 stores, Boots stores in the UK, has been sold to the US private equity firm Sycamore Partners after struggling in the internet era.

Nick Bubb, an independent retail analyst, said: “The Boots business looks eminently floatable, but we will probably have to wait until this time next year to see it attempt an IPO as its new owner, Sycamore, won’t complete the takeover of Walgreens until [the last three months of] this year.”

Tim Wentworth, the chief executive of Walgreens, said the company was navigating the “challenges of a rapidly evolving pharmacy industry and an increasingly complex and competitive retail landscape”.

He said: “While we are making progress against our ambitious turnaround strategy, meaningful value creation will take time. Focus and change that is better managed as a private company.”

Wentworth said: “Throughout our history, Walgreens Boots Alliance has played a critical role in the retail healthcare ecosystem. We are focused on making healthcare delivery more effective, convenient and affordable as we navigate the challenges of a rapidly evolving pharmacy industry and an increasingly complex and competitive retail landscape.”

Mr. Wentworth added: “Our trusted brands and deep commitment to our customers, patients, communities and team members have and will continue to anchor our business as we realize our goal of being the first choice for pharmacy, retail and health services. I am grateful to the more than 311,000 team members globally who are fiercely committed to WBA, our customers and patients.”