The owners of Boots have brought in advisors to prepare the high street pharmacy chain for a potential London stock market flotation, which could happen as early as next year.
Sycamore Partners, the private equity firm behind Boots, has held discussions with advisers in recent weeks regarding the prospect of listing in the capital.
The Initial Public Offering (IPO) would deliver a significant boost to the London Stock Exchange, as policymakers strive to reverse a recent slump in listings by easing tax and regulatory burdens.
Talks surrounding Boots’ prospective London float, first reported by Reuters and by City AM. remain at an early stage, though the move would represent a victory over rival markets in Amsterdam and New York.
The advisors are also being consulted on strategies to expand the company’s footprint in the beauty and wellness sectors.
Sycamore could yet alter course on a London IPO by choosing to sell Boots outright, it has been reported.
Boots, which operates around 1,800 stores, has experienced a notable profit recovery in recent years following a decision to close a number of its branches.
The firm’s pre-tax profit grew by nearly seven times in the year to August 2025, to £215m, up from £31m the year before. The company’s revenue and gross profit grew by three per cent to £192m.
Boots was founded as a family herbal medicine shop in Nottingham in 1849, and has previously been listed in London as part of Alliance Boots, before becoming the first ever FTSE 100 company to be acquired by a private equity firm in 2007.
American pharmacy giant Walgreens acquired a 45 per cent stake in Boots in 2012, subsequently making the high street chemist a subsidiary of Walgreens Boots Alliance.
Last year, Sycamore purchased the British retailer for $10bn, separating it out into an independent business.
Boots would join bookselling heavyweight Waterstones as one of the most eagerly anticipated forthcoming flotations on the London market.
The bookseller has accelerated its plans to list in the UK in recent months, having brought in Rothschild to advise on the float and is said to be searching for a new chairman.
Waterstones, which is owned by activist investment firm Elliott Management, has expanded rapidly in recent years, snapping up rivals Foyles, Hatchards and Blackwell’s under the stewardship of James Daunt.