Talks between the Westons—one of the world’s richest retail families—and Boots’ private equity owners reached a standstill after the family lowered its offer, which was subsequently rejected. Across the UK, Boots operates approximately 1,800 stores. Mr Pessina had previously teamed up with buyout giant Kohlberg Kravis Roberts to take Boots private in 2007 in what was the largest-ever private equity-led takeover of a UK-listed business at the time. It is believed that if sale talks break down, Sycamore will revive plans to float Boots next year. Since then, Boots has closed hundreds of underperforming UK stores as part of a wider cost-cutting programme.