Boots to be bought by Canada’s Weston family for £6.7bn

Boots is to be bought by Wittington Investments, Limited for £6.7 billion (PA)

High street giant Boots is to be bought by the Canadian branch of the billionaire Weston family for $8.9bn (€7.95bn).

Boots has 89 stores in Ireland and over 2,000 employees, having first established in the country in 1996.

Wittington Investments, the Weston’s holding company, will buy the business from majority owner, private equity firm Sycamore Partners, and the Pessina family.

It comes only a year after Sycamore took over Boots through the acquisition of parent firm Walgreens Boots Alliance, before splitting the business into divisions.

The takeover deal will see Wittington acquire Boots’ retail and pharmacy operations in the UK and Ireland, Boots Opticians, the No7 Beauty Company, and its Thailand and franchise businesses.

Galen Weston, chairman of Wittington – who will become chairman of Boots, said: “Boots is one of Britain’s most enduring businesses, with a rich heritage, a trusted name and a vital role in everyday life across the UK and Ireland.

“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.”

The move marks a return to Irish retail for the family after they sold luxury department store business Selfridges - owner of Brown Thomas and Arnotts - for £4bn in 2022.

The Weston family’s British side is the majority owner of Penneys owner Primark through its parent firm Associated British Foods, which also owns grocery brands including Twinings and Ryvita.

The whole Weston family was ranked fifth on this year’s Sunday Times Rich List with a combined fortune of almost £19bn.