Health and beauty giant Boots has held talks with potential suitors over a sale which could value the retailer at as much as $10bn.
The Canadian branch of the billionaire Weston family, which owns retailers including grocer Loblaws through investment vehicle Wittington, and Australian pharmacy group Sigma are among parties interested in Boots, the Financial Times reported.
Sigma, which as more than 1,000 shops in Australia, confirmed its interest in Boots and said there had been “preliminary discussions in relation to the sale process”. Sigma recently made a small first step into the UK in a joint-venture with GreenLight Healthcare, which has 22 pharmacies in the London area.
The news came as Boots posted a rise in annual sales and profits as it drew more shoppers and enhanced its stores.
Privately controlled Boots, which was spun off from former parent Walgreens Boots Alliance following the latter’s acquisition by private equity group Sycamore Partners, said it achieved “growth across all core categories and channels”. Beauty in particular drove performance.
Companies House filings showed that Boots UK generated statutory revenue of £7.5bn in the year to August 31, 2025 – up 3.2% year on year. Statutory profit before tax climbed 25% to £337m.
The retailer’s total comparable retail sales advanced 5.8% over the year, when the retailer launched approximately 50 new beauty brands, including some introduced through its Ignite accelerator programme. Boots’ No7 skincare brand – the top such brand in the UK – “delivered continued sales growth with its new range, Good Intent.”
The retailer also said that “more customers chose to shop with Boots both online and in-store”. Sales through Boots.com were ahead by 18.3% over the year. A strong performance from the Boots app and expansion of on-demand services through partners Uber Eats, Deliveroo, and Just Eat also helped digital growth.
Over the year, Boots overhauled approximately 40 of its biggest branches in prime retail locations. It now has over 180 new-style beauty halls and approximately 130 improved healthcare areas across its estate.
Boots recently named Currys boss Alex Baldock as its new chief executive. There had been widespread speculation that an IPO may be on the cards, but that would not be the case should a sale go ahead.
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