Boots’ parent company has been sold in a $23.7bn deal, leaving 1,800 UK stores facing uncertainty.

High-street pharmacy giant Boots is now under new ownership after a staggering $23.7bn (£18.37bn) takeover by private equity firm Sycamore Partners. The deal, which marks the end of Walgreens Boots Alliance as a publicly traded company, raises major questions about the future of the UK’s 1,800 Boots stores and their 51,000 employees.

The buyout means Walgreens Boots Alliance will no longer be listed on the Nasdaq stock exchange, ending nearly a century of public ownership. Instead, the company is now controlled by Sycamore Partners, a firm known for acquiring retail businesses, restructuring them, and eventually selling them for profit. Shareholders will receive $11.45 (£8.86) per share, with a potential additional $3 (£2.32) per share depending on further business conditions.

Boots has already faced turbulent times, with 300 store closures announced in 2023 and Walgreens Boots Alliance seeing its stock price collapse by 90% since 2015. While Sycamore Partners has not yet outlined specific plans for Boots’ UK stores, retail analysts warn that private equity takeovers often lead to asset sales, cost-cutting, and potential job losses. A full-scale auction of the Boots brand is a real possibility.

This would not be unprecedented—other major high-street chains, including Morrisons and Asda, have undergone private equity takeovers that triggered changes in store operations and staffing. The uncertainty surrounding Boots has left employees, unions, and customers anxiously awaiting further announcements.

The Pharmacists’ Defence Association (PDA) has already raised concerns over the takeover, acknowledging the fears of employees who now have little influence over the company’s direction. The union said: “It can be assumed that any potential new owners would only buy a business they believe they can take more value from, so at some level, change will follow.”

While the PDA did not explicitly predict job losses, it urged the NHS and the General Pharmaceutical Council (GPhC) to monitor the situation closely, ensuring that Boots’ role in the UK’s community pharmacy network remains protected. The Union of Shop, Distributive and Allied Workers (USDAW) has also been contacted for comment.

Boots has been a staple of British high streets for over 175 years, originally founded by John Boot in 1849 as a small herbal remedy business. Walgreens acquired Boots in 2014, forming Walgreens Boots Alliance, but the company has struggled in recent years, weighed down by financial difficulties and shifting consumer habits.

A potential sale of Boots was considered back in 2022 but was scrapped due to unfavourable debt-financing conditions. Now, with Sycamore Partners in control, speculation is rife about whether the firm will attempt to offload the UK Boots business separately or implement major operational changes.

For now, it remains unclear what Sycamore’s long-term vision for Boots will be. Retail experts believe the firm will focus on maximising profits, either by cutting costs or selling off parts of the business. Boots’ extensive network of pharmacies and opticians across the UK means any drastic restructuring could have significant consequences for jobs and healthcare accessibility.

As Boots enters a new era under private equity ownership, staff and customers alike are bracing for changes—whether good or bad remains to be seen.