The American owner of Boots has parked plans to list the high street chemist on the London Stock Exchange, in another blow for the market. According to a Bloomberg report, Walgreen Boots Alliance is no longer exploring a public offering for the retailer and will instead seek to sell the chain. New York-listed Walgreens has struggled in the past year due to high debt following an acquisition spree.
It reported operating losses of £13.2bn in the last year. Two years ago, the firm tried to sell Boots but later pulled out, citing an “unexpected” change.
At the time, the historic retailer had a slew of suitors, including the billionaire Issa Brothers. The Nottingham-headquartered business is the UK’s biggest pharmacy chain with over 2,000 stores. A ccounts filed on Companies House showed Boots reported revenue of £7bn in the latest financial year, up from £6.
5bn, while its pre-tax profit jumped from £4m to £60m. The firm has been helped by shoppers continuing to spend on beauty amid the cost of living crisis. Reports of the abandoned IPO plans come amid a challenging time for London’s public market, with a number of high profile firms leaving such as TUI.
Investors are still keeping a close eye on fast fashion giant Shein, who is rumoured to make its first public listing on the London market later this year. City A.M.
has contacted Walgreens for comment..
