Alliance Boots is to move its headquarters from the UK to Switzerland to signal that the health and beauty giant is a big international player, according to newspaper reports.

Alliance Boots executive chairman Stefano Pessina said the expansion plans necessitated a move to a country where there was “good corporate governance” and a serious approach to business.

Switzerland is considered the main European centre for healthcare companies and Alliance Boots will sit next to the likes of Procter & Gamble. The retailer told The Times that Boots would remain a “great British brand”.

The move comes as the Alliance Boots is set to announce a 20 per cent increase in trading profits during its first year as a private company.

Although Alliance Boots will move to Switzerland, Boots will keep a head office in London and will retain its office in Nottingham.

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