The US owner of Boots has put plans to float or sell the chemical on hold.
There were hopes that the High Street retailer could list on the London stock exchange by the end of 2024.
But it is understood that Walgreens Boots Alliance (WBA) has decided not to make any major decisions about the pharmacy chain until 2025.
WBA CEO Tim Wentworth, who took over last October, is focusing on fixing problems in the company’s U.S. pharmaceutical business.
The turnaround project requires capital from Boots to contribute to it.
The Walgreens Boots Alliance is not expected to make any major decisions about the Boots pharmacy chain until 2025.
Hopes that a Boots London listing could be just around the corner were dashed last night. But the company is not completely ruling out listing in the capital and will review the outlook next year.
This would be a big boost for the City amid concerns about the health of the London market.
However, a sale to a private equity buyer in 2025 is also possible.
A Walgreens spokesperson said yesterday: ‘We do not comment on rumors or speculation.
‘Walgreens Boots Alliance is undertaking a strategic review of our assets to drive sustainable long-term value for shareholders. “All options are on the table.”
Earlier in the year, Wentworth said it was “evaluating all strategic options” to “drive sustainable long-term value for shareholders.”
In 2022, Walgreens abandoned a sale after blaming an “unexpected and dramatic change” in market conditions.
Private equity giants Apollo, TDR Capital and Sycamore made proposals, but Walgreens later said no one made a suitable offer.
If Boots, which began as a family-run herbal medicine shop in Nottingham in 1849, were to return to UK markets, it would be a desperately needed vote of confidence.
There have been concerns about the attractiveness of the London market as companies shift listings to New York or become takeover targets due to their low valuations. Walgreens, which is publicly traded in the United States, bought the pharmacy in 2014.
Boots boss Sebastian James praised the “positive momentum across the business” in March when it recorded excellent Christmas sales.
Sales during the three months to the end of February were 3 percent higher than a year earlier thanks to celebrity-endorsed skincare products.
Last November, Boots sold its pension scheme to asset management giant Legal & General for £4.8bn, paving the way for a potential takeover.
The pension plan deal, which was one of the largest of its kind, means it will be easier to sell.
