Weston family buys British retailer Boots for $8.9-billion with Fairfax backing

The Weston family is returning to British retailing by acquiring drug-store chain Boots for US$8.9-billion, including assumed debt, with financial backing from Fairfax Financial Holdings Ltd. FFH-T

The Toronto-based Weston family’s holding company Wittington Investments Ltd. is buying the 1,800-store Boots chain from U.S. private equity fund Sycamore Partners, which acquired the business as part of a US$24-billion leveraged buyout of U.S. drug-store company Walgreens in 2025.

Toronto-based asset manager Fairfax, led by value investor Prem Watsa, is backing Wittington’s investment by taking a significant stake in Boots. In the United Kingdom, Boots is the market leader, with 51,000 employees, a strong brand and stores located close to 80 per cent of the population.

Galen Weston, chairman of Wittington and Loblaw and CEO of holding company George Weston Ltd. WN-T, will become the chair of Boots after the acquisition closes.

The acquisition is expected to close in the first quarter of 2027.

Through Wittington, the Weston family controls publicly listed Canadian grocery giant Loblaw Companies Ltd. L-T, parent to Shoppers Drug Mart, and privately hold luxury retailer Holt Renfrew.

Wittington plans to boost performance at Boots by importing concepts from its Canadian retail operations, including improving a customer loyalty program with 17 million British members. Under Sycamore’s ownership, the priority at the drug-store chain was paying down debt.

Loblaw’s PC Optimum loyalty program has 18 million members and is considered the strongest domestic brand in the sector.

In 2022, Wittington sold British department store chain Selfridges for approximately $6.9-billion after successfully turning around the business.