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Boots pharmacists will receive a pay rise of 4.5 per cent as the pharmacy multiple and PDA Union jointly announce this year's pay settlement. Following discussions between Boots management services and the PDA Union negotiators, the agreement was reached in relation to this year's pay claim, effective from 1 November 2022. The union also announced that those who have already had a pay increase on or since 1 August 2022, where that increase has been less than 4.5 per cent, a 'top up' increase will be provided, from 1 November 2022, to ensure that all eligible members of the bargaining unit receive a pay increment of not less than 4.5 per cent in 2022. Boots and the PDA Union have agreed an increase to the pay of those above the maximum market range by 4 per cent with an additional 0.5 per cent non-consolidated payment.

Boots UK will offer a staring salary of £42,000 per annum to newly qualified pharmacists joining the pharmacy chain. The company also revealed that "in addition, any existing pharmacists in the bargaining unit currently receiving less than £43k." The newly announced hike in the salary - following an agreement reached between the multiple and and the Pharmacist Defence Association - will be effective from 1 August 2022. "This enhanced offer for Newly Qualified Pharmacists and further investment in those in the early stages of their careers at Boots is a key part of our commitments to pharmacists," the company said. Boots and PDA Union also announced in a joint statement that they will conduct a further formal review of all pharmacists' pay in accordance with the collective agreement, effective from 1 November 2022.

Walgreens Boots Alliance, the American owner of Boots UK, could risk losing billions after a private equity firm interested in buying its UK high street pharmacy chain valued the retailer at a steep discount, The Telegraph reported on Monday (April 11). "Buyout funds CVC and Bain indicated that they were willing to pay just £4bn for the business," the newspaper said, adding that "the consortium bowed out of the running" in March. The US retail giant Walgreens, which acquired Boots in 2014 for £9bn, has put a £7bn price tag on the UK pharmacy retail chain after selling its wholesale arm, Alliance Healthcare, last year. Citing city sources, the newspaper said the low valuation of the pharmacy multiple was "significant" because CVC's UK operations were led by Dominic Murphy, a Walgreens board member involved with Boots for 15 years. "He (Murphy) knows where the bodies are buried," the newspaper quoted one City source as stating. A spokesperson for Boots confirmed that CVC and Bain never lodged a formal offer for the company.

Britain's billionaire Issa brothers and Indian tycoon Mukesh Ambani are preparing to face off in the final battle for Boots UK ownership, according to Bloomberg. In the first round, Issa brothers have submitted the highest offer, the people with knowledge of the matter told Bloomberg. "The brothers are going up against Ambani, who's been working on a bid together with buyout firm Apollo Global Management Inc." The source said: "Bidders are now sizing up Boots' billions in pension guarantees - which they'll have to take on - as they figure out how much they can pay for the business." They're also working around the clock to arrange financing in a difficult market, which has gotten that much tougher due to the war in Ukraine, soaring inflation and rising interest rates, according to the people.