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Boots UK owners Sycamore Partners have hired consultants to help prepare for a possible stock market listing in 2027, Reuters has reported.

While no decision has been made on whether to list the UK’s largest pharmacy multiple on the London stock market, it is understood the advisers are helping Sycamore to prepare a major strategy overhaul that will also look at growing its beauty and wellness business. 

A sale of the business is also reportedly being considered.

Private equity firm Sycamore Partners paid $10bn to acquire Walgreens Boots Alliance in 2025, and soon after spun off Boots UK into a standalone business – prompting many analysts to predict that an eventual sale or listing would be inevitable.