The future of a major high street brand has been thrown into doubt after a takeover bid was turned down.
A £7 billion bid from the Weston family, one of the world's richest retail families, to buy pharmacy giant Boots is at risk of collapse.
This has raised fresh uncertainty over the future of the pharmacy giant.
Talks between the Westons and Boots’ private equity owners reached a standstill after the family lowered its offer, which was ultimately rejected.
The Westons, who previously owned Selfridges for nearly 20 years, revised their bid after Sigma Healthcare’s withdrawal from a rival bid in June.
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According to The Telegraph, the family tried to knock the price of their bid down when they realised they were the only ones left in the running.
Across the UK, Boots operates approximately 1,800 stores, with plenty in Suffolk.
The brand’s ownership has been uncertain since Walgreens Boots Alliance was acquired by US private equity firm Sycamore Partners for £18 billion last year.
Hundreds of underperforming UK stores have been closed since 2022 as part of a wider cost-cutting programme.
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