Walgreens to retain ownership of UK-based Boots business

The business runs a network of more than 2,200 stores across the UK, as well as private-label brands like No7 Beauty Co. and operations in a smattering of other countries

Walgreens Boots Alliance on Tuesday scrapped its plan to sell its UK high street pharmacy chain, Boots, saying no third party was able to make an adequate offer due to the turmoil in the global financial markets.

The company put its Boots business up for sale after announcing a strategic review in January as the second-largest U.S. pharmacy chain renewed its focus on the domestic healthcare.

The decision to retain Boots and No7 Beauty Company has also been supported by their ongoing strong performance, Walgreens said.

The announcement comes at a time when a news reported on Sunday said Reliance Industries Ltd. is