The £7 billion bid by the Weston family to buy Boots is now at risk of collapsing, raising fresh uncertainty over the future of the pharmacy giant.

Talks between the Westons—one of the world’s richest retail families—and Boots’ private equity owners reached a standstill after the family lowered its offer, which was subsequently rejected.

The Westons revised their bid following Sigma Healthcare’s withdrawal from a rival bid in June, leaving them as the sole suitor for Boots.

Across the UK, Boots operates approximately 1,800 stores. (Image: Getty Images)

Boots takeover talks at risk of collapse

“It isn’t totally dead,” a source close to the matter told The Telegraph.

“It’s a stand-off.

“They tried to knock down the price after realising they were the only show in town.

“They came in with a lower number that was deemed unacceptable.

“The gap isn’t completely insurmountable.

“However, the owners won’t sell at any price.”

A source suggested that economic uncertainty had made the Westons more cautious.

The Westons’ business empire is split between the UK and Canada, with the Canadian side—which owns a controlling stake in Loblaw, Canada’s largest supermarket chain—leading the talks.

Boots’ ownership has been uncertain since Walgreens Boots Alliance was acquired by US private equity firm Sycamore Partners for £18 billion last year.

Following the deal, Boots was separated into a standalone business, prompting expectations of a sale or a return to public markets.

Italian billionaire Stefano Pessina and his family reinvested in the company during the carve-out.

Mr Pessina had previously teamed up with buyout giant Kohlberg Kravis Roberts to take Boots private in 2007 in what was the largest-ever private equity-led takeover of a UK-listed business at the time.

Before negotiations with the Westons and Sigma Healthcare, Sycamore Partners had considered relisting Boots on the London Stock Exchange after nearly two decades off the market.

It is believed that if sale talks break down, Sycamore will revive plans to float Boots next year.

Walgreens previously explored a sale in 2022, attracting interest from private equity firms including TDR Capital, which owns Asda.

However, those talks collapsed after bids failed to meet expectations.

Since then, Boots has closed hundreds of underperforming UK stores as part of a wider cost-cutting programme.

Investment has been redirected towards its core estate of 400 larger stores, primarily located in town centres and retail parks.

This core network is supported by smaller pharmacies and travel-focused locations.

Across the UK, Boots operates approximately 1,800 stores.

The company also owns beauty brands including No7 and Soap & Glory, and has become an increasingly important provider of NHS services, offering doctor consultations, vaccinations, blood-pressure checks, and specialised treatments for skin and hair loss.

In preparation for a potential public listing, Boots recently appointed Alex Baldock, former chief executive of Currys, as its new CEO, who is set to join the company this autumn.

The British arm of the Weston family controls Associated British Foods—parent company of Primark—and Fortnum & Mason through its Wittington Investments vehicle.

The family previously owned Selfridges for nearly 20 years before selling the department store for £4bn in 2022 to a consortium including Central Group of Thailand and Austrian property giant Signa Holding.

Both Sycamore Partners and Boots have declined to comment.

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Nisa Local, which first opened in Botley Road in November, can now be extended after a Planning Inspector overturned Oxford City Council’s rejection.

The proposal is for a steel security shutter and a single-storey rear extension, which would provide more space for new services such as an Evri and two more Cook frozen meal freezers.

The Costa Coffee self-service machine is hoped to be on the front of the shop and will provide more floor space for Bake & Bite and the Oxford-based Natural Bread Company.

Oxford City Council refused permission in March arguing the extension would harm the character and appearance of the property.

Aejal Patel, Nisa manager (Image: Ben Hardy)

However, planning inspector Alexander O’Doherty concluded the impact on the wider area would be limited because the extension would be largely hidden at the rear from public view.

In his decision issued on July 23, the inspector acknowledged that the extension would have some harmful effect on the appearance of the building itself, but said the benefits outweighed that harm.

The inspector noted the shop is “clearly lacking in storage space” and said the additional floor area would help it better serve local residents.

The decision also referenced numerous representations from supporters, with the inspector saying these lent “considerable credence” to the benefits of the scheme.

He added that providing these services within a residential area would encourage walking, cycling and the use of public transport by reducing the need for residents to travel elsewhere by car.