Boots owner examines ‘all options’ amid talk of £7bn London listing

THE owner of Boots has said “everything is on the table” amid talk of the high street pharmacy chain pursuing a potential £7bn listing in London.

Tim Wentworth, chief executive of Walgreens Boots Alliance, said the US company was “evaluating all strategic options to drive sustainable long-term shareholder value”. It follows reports that Walgreens is reviving plans to offload Boots, two years after it abandoned talks to sell the 175-year-old company.

Bosses of the pharmacy chain are understood to be pushing for a listing on the London Stock Exchange, which would provide a much-needed boost to the ailing market. Seb James, Boots’ managing director, has previous experience of running publicly listed companies after spending four years at the helm of Dixons Carphone, the electronics retailer now known as Currys.

Boots has enjoyed a 9.8pc increase in retail sales in the three months to the end of November.

The chain, which was hit by a slump in footfall during the pandemic, has enjoyed improved performance at its flagship stores and key travel locations as customers flock back to airports and train stations. It also pointed to a boost from Black Friday, which marked the biggest day of sales in its history.

Mr James said: “I am very encouraged by the way in which people are responding to the changes that we have made, especially in our digital and beauty businesses. It is really good to see that market share has grown for the 11th quarter in a row showing that more customers are choosing Boots.”

Boots also signalled that trading over the Christmas period is expected to be ahead of last year.

The positive figures highlight the divide within Walgreens Boots Alliance as the conglomerate struggles to turn its fortunes around in the US. The company slashed its quarterly dividend in half to $0.25 (20p) per share yesterday.

Bosses said the move would help free up cash to invest in the business and pay down debt.

When asked about the future of the company, Mr Wentworth said: “Everything is on the table to enable more shareholder value.”