The last time Boots was owned by Americans it benefited from something of a renaissance. Pricing pressure in its pharmacy business — as the NHS, Britain’s state-run healthcare system, has cut the amount it reimburses for prescriptions — and intense competition in its beauty offering pushed operating profit at the retailer to a near-decade low of £391m last year. Seb James, the former Dixons Carphone boss hired by Mr Pessina in 2018, described the business as “a strange beast.” “It has this retail business and this pharmacy business — and we either will or won’t succeed in creating a symbiosis between those things that’s long-term sustainable,” he told the Financial Times.
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