Boots PE-buyout rumours persist
Speculation continues to mount that the US firm behind Nottingham pharmacy giant Boots could be set to take the company private.
According to a report in the Telegraph, Stefano Passina, who runs Boots’ parent company Walgreens Boots Alliance, is said to be considering a $70 billion private equity buyout – although the newspaper reports that Passina is refusing to be drawn on the rumours.
The piece also says the US firm’s operating profit has slumped by 27.6 per cent to $1 billion, “dragged down partly by the poor performance of Boots,” and suggests that Passina “blames [the] UK market” for the downturn in his company’s performance.
350 staff were axed at Boots’ Nottingham headquarters last year as the company became the latest in a string of high street operators to be hit by declining sales. The firm also announced that 200 stores would be shut due to rising costs.
