Boots hires consultants

Boots’ owners have brought in consultants to overhaul the pharmacy chain as they work toward a possible London stock market listing in 2027. (reuters.com) Reuters reported on April 21 that Boots and its private equity owner, Sycamore Partners, have held talks with advisers in recent months about operational changes and initial public offering readiness. The discussions are still at an early stage, and sources told Reuters no final decision on a listing has been made. (reuters.com) Boots became a standalone private company in August 2025 after Sycamore completed its acquisition of Walgreens Boots Alliance and separated the international operations into The Boots Group. Sycamore said at the time it was acquiring the business with Stefano Pessina and his family, who reinvested their full interest in Walgreens Boots Alliance. (thebootsgroup.co.uk) (boots-uk.com) The company is not a small retail float. Boots says it has more than 1,800 stores in the UK, while The Boots Group says it has 3,776 retail stores globally across brands including Boots, Boots Opticians and Farmacias Benavides. (boots-uk.com) (thebootsgroup.co.uk) Boots also sits inside the UK healthcare system, not just the beauty aisle. Its corporate site says it provides National Health Service pharmacy services, and its consumer site lists services including Pharmacy First, contraception support and prescription services in England. (boots-uk.com) (boots.com) A London listing would land after the UK rewrote key market rules to make public offerings easier. The Financial Conduct Authority’s new public offers and admissions regime took effect on January 19, 2026, following listing-rule changes published in July 2024. (fca.org.uk) (skadden.com) Boots has been on and off the deal market before. Reuters reported that Walgreens Boots Alliance explored a sale in 2022, then dropped it as market volatility worsened, after the business had been valued at about £6 billion to £8 billion. (reuters.com) (marketscreener.com) Stefano Pessina told the Financial Times on April 6 that a sale of Boots was inevitable “sooner or later,” according to Reuters’ account of the interview, but said the business was being reorganized first. For now, the consultants’ brief points to a familiar private equity playbook: reshape the company in private, then test public markets when the numbers are ready. (reuters.com)