Jun 28, 2022

Walgreens halts sale of Boots chain citing tougher financial conditions

Walgreens Boots Alliance has abandoned the sale process for the Boots chain in the UK after the upheaval in credit markets resulted in bids that were below its initial expectations. The US group said on Tuesday that while there had been "Significant interest" in the 173-year-old business, "Unexpected and dramatic change" in the financial markets meant that no offers had been received that reflected the potential value of Boots and its No.7 beauty brand. Zuber and Mohsin Issa, the Blackburn-based brothers who part-own the EG petrol station group and UK supermarket chain Asda, were also interested in Boots but had not submitted a final bid. Nottingham-based Boots makes around two-fifths of its annual sales by dispensing prescriptions, vaccines and other services on behalf of Britain's state-run health service. Although trading had started to recover after the Covid-19 pandemic and associated restrictions, Boots is burdened with over 2,000 stores, many of which are on struggling high streets and require investment.

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