Walgreens Boots Alliance (WBA) has elected to retain ownership of Boots following the completion of a strategic review.

The WBA stated that since launching the process, the global financial markets have suffered unexpected and dramatic change.

As a result of market instability severely impacting financing availability, no third party has been able to make an offer that adequately reflects the high potential value of Boots and No7 Beauty Company, it concluded.

WBA, which formed in 2014, added that its decision to retain ownership of the health and beauty retailer had been further informed by the ongoing strong performance and growth of Boots and No7 Beauty Company, which have exceeded expectations despite challenging conditions.

Rosalind Brewer, chief executive of the WBA, commented: “We have now completed a thorough review of Boots and No7 Beauty Company, with the outcome reflecting rapidly evolving and challenging financial market conditions beyond our control.

“It is an exciting time for these businesses, which are uniquely positioned to continue to capture future opportunities presented by the growing healthcare and beauty markets.”

Brewer added: “The board and I remain confident that Boots and No7 Beauty Company hold strong fundamental value, and longer term, we will stay open to all opportunities to maximise shareholder value for these businesses and across our company.”

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