When the news broke that Walgreen Boots Alliance (WBA) was pondering potential options around its ownership of Boots this week, the prospect of the iconic British brand being placed on the market was surely an enticing prospect for many.

Reports of a potential sale or separate listing also arrived at a time of substantial interest from private equity firms in UK businesses, as was evident from the acquisitions of grocers Asda and Morrisons this year. Boots’ rival Lloyds Pharmacy was also acquired by private equity firm Aurelius last month for £477m.