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The Boots UK chain of pharmacies could be sold to the billionaire Weston family in the coming days, the Wall Street Journal has reported.

According to the newspaper, sources close to the negotiations have indicated a deal may be reached as early as next week following months of discussions.

The article cited a potential sale amount of £7bn, which was previously reported as triggering a “standoff” between the two parties over price. 

Sycamore Partners, the US private equity firm that bought Walgreens Boots Alliance for £18bn in 2024 and immediately hived off the UK business into a separate entity to prepare for a sale or public listing, reportedly rejected a previous offer from the Canadian branch of the Weston family after it was deemed insufficient.

Australian company Sigma Healthcare, which earlier this year announced plans to enter the UK market for the first time through a partnership with London chain Green Light Pharmacy, was previously in the running to acquire Boots before exiting talks.

Boots has shed over 400 stores since 2020 and now operates 1,734 UK branches. In June it revealed its annual profits were up 24 per cent against the previous year despite its pharmacy services revenue falling slightly. 

Boots has been approached for comment.