Sycamore Partners is in advanced talks to sell Boots to the Weston family for £7 billion, according to a report by The Wall Street Journal.

The Canadian Weston family owns or has a significant stake in businesses including Fortnum & Mason, Associated British Foods and pharmacy chain Shoppers Drug Mart.

According to The Telegraph, the two sides have been in discussions for several months following Sycamore's acquisition of Walgreens Boots Alliance (WBA), which saw Boots separated into a standalone business.

An agreement could be reached in the coming weeks, the WSJ said.

The proposed acquisition follows an earlier approach by the Weston family that was rejected after its offer was reduced. Negotiations stalled over the summer following economic uncertainty linked to the conflict between the US and Iran, which affected business confidence. https://retail-systems.com/rs/Multi_Billion_Pound_Boots_Sale_In_Doubt_After_Weston_Family_Reduces_Offer.php

Sycamore had been considering a London stock market listing for Boots as an alternative to a sale. Walgreens had also explored selling the retailer in 2022 before agreeing its own takeover by Sycamore last year.

According to The Telegraph, former Walgreens Boots Alliance executive chairman Stefano Pessina reinvested in Boots as part of the transaction that split the business from its US parent. The private equity firm is also reported to have held discussions with Australian pharmacy group Sigma Healthcare.

Sycamore Partners acquired Boots in 2025 through the purchase of the retailer’s parent company, WBA. At the time, WBA chief executive Tim Wentworth said the new owners had a “strong track record of successful retail turnarounds.”

At the beginning of this year, Boots announced a leadership reshuffle intended to sperate the retailer from its parent company and potentially return to the London stock market after chief executive Ornella Barra stepped down to become chair following nearly a decade in the top job.

Barra replaced her husband and long-time business partner Stefano Pessina as chair and her chief executive role was left unfilled.

Anthony Hemmerdinger, previously managing director for Boots UK, Ireland and Opticians, instead assumed broader responsibilities including oversight of the No7 Beauty brand and group-level functions such as IT and legal.

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