Boots has been bought up by Canadian billionaires, the Weston family.

The deal, which was executed by Wittington Investments, the holding company of the Weston family, will see the sale of Boots from The Boots Group, for a reported USD $8.9billion, including assumed debt.

Under the terms of the agreement, which is expected to close in Q1 2027 subject to regulatory approvals, Wittington will acquire Boots’ retail operations in the UK and Ireland. This will encompass Boots Opticians and the No7 Beauty Company, as well as extending to Boots’ Thailand and franchised businesses.

The Weston group is known for its heritage in owning and operating retail, pharmacy and beauty businesses, including Loblaw. It also took ownership of Selfridges from 2003-2021, transforming the iconic department store chain into a globally recognised retail destination. A separate UK branch of the Weston family is also the majority owner of Associated British Foods, the parent firm of Primark.

Wittington plans to continue to invest to build on Boots’ strengths and potential, including upgrading stores, optimising online experiences and supporting the expansion of healthcare services available to customers.

Retail Analyst, Richard Hyman, called the move “the most encouraging ownership of Boots for many years,” adding that “for years, watching Boots has been a bit like watching corporate pass the parcel. Its ownership has changed with extraordinary frequency and each owner has stripped a bit more out of it.”

“Boots needs and deserves owners that will show it a bit of love, and history shows the Westons take a longer view,” he explained, pointing to the opportunity for the Health & Beauty retailer to make more of its loyalty scheme and value-added services.

“Boots is one of Britain’s most enduring businesses, with a rich heritage, a trusted name and a vital role in everyday life,” said Galen Weston, who will assume the role of Chairman of Boots upon closing.

“We have great respect for Boots’ legacy and leading market position. 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.”

“Boots matters. Every day, our colleagues give millions of people longer, healthier and happier lives,” said Alex Baldock, CEO of Boots. “Those customers and patients trust in Boots’ unmatched authority, capability and leadership across health, wellness and beauty.”

Authority and consumer trust were key causes of optimism for the acquisition, according to Retail Connections’ Chris Field. Speaking to BBC Radio 5 Live, he said the deal could be a positive move for customers because “Boots has something that money cannot easily buy: generations of consumer trust.”

“At a time when retailers are fighting harder than ever for loyalty, that is an extraordinarily valuable asset,” he added.

“For all of our social impact and commercial success to-date, the opportunity ahead is even greater,” Baldock continued. “I look forward to making the most of that opportunity and building a world class Boots for our colleagues, customers, patients and communities.”