Canada’s Weston family buys Boots for $8.9bn
Source: The Guardian ·
Former Selfridges owners buys UK high street institution from long-term backer Stefano PessinaThe Canadian family that once owned Selfridges department store has bought UK pharmacy and beauty retailer Boots for $8.9bn (£6.74bn).Wittington Investments, the holding company of the Weston family that controls the Loblaws grocery chain and Drugmart pharmacy chain in Canada, will own Boots’ UK and…
From the source
The Canadian family that once owned Selfridges department store has bought UK pharmacy and beauty retailer Boots for $8.9bn (£6.74bn). Wittington Investments, the holding company of the Weston family that controls the Loblaws grocery chain and Drugmart pharmacy chain in Canada, will own Boots’ UK and Irish retail operations and opticians chain, the No7 beauty brand and a franchise arm in Thailand. The acquisition of the Nottingham-headquartered chain, which has 1,800 stores across the UK and employs 50,000 people, is also being backed by the investment firm Fairfax, which owns The Sporting Life Group and Sleep Country, Canada’s largest mattress retailer which owns Simba Sleep in the UK. Galen Weston, the chair of Wittington who is likely to become chair 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…