The Walgreens Boots Alliance (WBA), Boots' US owner, has abandoned plans to sell the health and beauty retailer after working with advisers to hold discussions with prospective bidders in late May.

WBA was formed in 2014 after acquiring a 55% stake in Alliance Boots for  $4.9 billion, valuing the retailer at $11.3 billion. The group previously dropped plans for a sale in 2022 after suitors failed to meet the £7 billion ($8.85 billion) asking price. 

News of walking away from a sale for the second time came as WBA cut its profit outlook and announced plans to close up to 700 US stores, as its share price fell to its lowest level since 1997. However, the Boots chain has had an outstanding performance, witnessing 13 consecutive quarters of group sales rising 6%, on top of a 13% increase in the prior-year quarter.

Chief Executive Tim Wentworth said he would retain ownership of the retailer as he attempts to overhaul the business through a $1 billon cost-cutting plan announced last year.

“Our review of Boots UK showed that we have attractive options to unlock value in this business," he said to The Telegraph. “While we believe there is significant interest in Boots at the right time, its growth, strategic strength, and cashflow remain key contributors to the company. We are committed to continuing to invest in Boots UK and find innovative ways for this business to fulfill its potential.”