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Boots, the High Street pharmacy and retail chain, has been sold in an $8.9bn (£6.7bn) deal to Canada's billionaire Weston family.
Wittington Investments, the holding company, confirmed it had agreed to buy 177-year-old company on Wednesday from US private equity firm Sycamore Partners and the Pessina family.
Boots started as a simple apothecary in Nottingham but has evolved to become a stalwart of the High Street, expanding its business to sell a vast range of health and beauty products, meal deals and travel accessories.
The chain has performed well in recent years despite challenges from rivals and changing shopping habits. Its stores have seen lower footfall as people switched to working from home rather than visiting town and city centre offices every weekday.
It has closed hundreds of branches across the UK in recent years, leaving it with about 1,800 stores and 51,000 employees, but remains a familiar British brand. In its most recent annual results, Boots generated £7.5bn in sales, a 3.2% increase on 2024.
Retail expert Catherine Shuttleworth, chief executive of savvy marketing, said shoppers were unlikely to see much change to stores in the coming months, but added what th ey can "expect over time is an improved shopping experience as the new owners invest in the business".
She said health and beauty was a "massive area for growth", and fresh investment from its new ownership would help. The last two decades has seen several changes of ownership under discussion and sometimes completed.
Sycamore only owned the retailer for 18 months, and Shuttleworth said the chopping and changing of owners had been "an unhelpful distraction".
The company was established by John Boot, who opened the first herbalist store in Nottingham, offering an affordable alternative to traditional medicines in 1849. It has since expanded over the decades into selling various products, but health products have remained a key part of its business.
As well as vaccines, it offers eye and hearing tests, providing much needed health care support in everyday moments as well as at times of national crisis like the coronavirus pandemic.
It launched its loyalty scheme in 1997, the Advantage Card, which became hugely popular and a move repeated by various retailers since. Weston, who will become chairman of Boots, signalled the new owners had fresh plans for the chain, including shop upgrad es and an expansion of healthcare services.
"We see a meaningful opportunity to make a great business even better through stable long-term ownership, further capital investment, and the renewed operating focus required to serve customers with excellence for generations to come," he said.
The Weston family will be buying Boots' retail operations in the UK and Ireland, Boots Opticians, No7 Beauty Company and its Thailand and franchised businesses. It is set be completed in early 2027.
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