THE AMERICAN owner of Boots has parked plans to list the high street chemist on the London Stock Exchange, in another blow for the market.

According to a Bloomberg report, Walgreens Boots Alliance is no longer exploring a float for the retailer and will instead seek to sell the chain.

New York-listed Walgreens has struggled in the past year due to high debt following an acquisition spree. It reported operating losses of £13.2bn in the last year.

Two years ago, the firm tried to sell Boots but later pulled out, citing an "unexpected" change. At the time, the historic retailer had a slew of suitors, including the billionaire Issa Brothers.

Accounts filed on Companies House showed Boots reported revenue of £7bn in the latest financial year, up from £6.5bn, while its pre-tax profit jumped from £4m to £60m.

The firm has been helped by shoppers continuing to spend on beauty amid the cost of living crisis.

Reports of the abandoned IPO plans come amid a challenging time for London, with a number of high profile firms leaving to list abroad.

(c) 2024 City A.M., source Newspaper