The prominent pharmacy and beauty retailer Boots is changing hands following a multi-billion-pound acquisition agreement by the wealthy Canadian Weston family. Wittington Investments, the family holding enterprise, announced on Wednesday that it has secured an agreement to purchase the nearly 180-year-old business for approximately £6.7 billion from its previous co-owners, American private equity firm Sycamore Partners and the Pessina family.

Boots traces its origins back to 1849 when John Boot launched an initial apothecary in Nottingham, aiming to provide reasonably priced alternatives to conventional medical treatments. Over the decades, the enterprise expanded significantly to become a household name across the British Isles, offering prescription medicines, cosmetics, everyday essentials, and food items.

Under the terms of the transaction, the Weston family is acquiring the company’s extensive store network spanning the United Kingdom and Ireland, alongside Boots Opticians, the No7 Beauty Company, and various operations in Thailand and franchise territories. Certain international assets, including Farmacias Benavides in Mexico and Alliance Healthcare Deutschland in Germany, will remain with Sycamore Partners and the Pessina family. The entire acquisition process is anticipated to conclude by early 2027.

Wittington Investments has orchestrated the purchase in collaboration with Fairfax Financial Holdings, a corporate holding entity based in Toronto, though Wittington will maintain operational oversight of the retailer. Galen Weston, who serves as chairman of Wittington and is slated to assume the chairmanship of Boots, emphasized the brand's cultural importance. He noted that the chain serves a critical function in daily routines throughout the UK and Ireland.

The acquisition arrives at a time of transition for the retailer, which has navigated shifts in consumer behavior and retail competition over recent years. As remote and hybrid work models reduced regular foot traffic in central business districts, the company previously downsized by closing hundreds of locations. Currently, the enterprise maintains a workforce of approximately 51,000 individuals across roughly 1,800 remaining stores.

Despite these operational hurdles, the incoming leadership has outlined ambitions for the future of the brand. Weston indicated that the new owners plan to dedicate long-term capital toward store modernizations and the enhancement of healthcare offerings.

The Weston family brings substantial retail expertise to the acquisition, having previously managed the historic London department store Selfridges and currently operating prominent Canadian businesses such as Loblaws and Shoppers Drug Mart. Additionally, a distinct branch of the Weston family in the UK holds a controlling stake in Associated British Foods, the parent organization behind the Primark retail chain.

Reporting based on coverage first published by BBC News. Read the original report at BBC News.