Sycamore Partners has entered talks to sell Boots for $10bn, scrapping the UK health and beauty retailer's London IPO plans. The private equity firm, which gained control through last year's $23.7bn acquisition of Walgreens Boots Alliance, has discussions underway with strategic buyers before Easter, according to sources familiar with the situation.

Leading bidders include the Weston family through its Canadian Wittington Investments and Australian pharmacy group Sigma Healthcare. The Westons control Loblaws and Shoppers Drug Mart in Canada and Primark in the UK. Sigma, which merged with Chemist Warehouse in a $5.8bn deal last year, has formed a UK joint venture with GreenLight Healthcare.

The potential sale follows strong performance for Boots, which reported 3.2% revenue growth to £7.5bn and a 25% profit jump to £337mn. Talks remain at an early stage, with no decisions made, but would mark a significant shift for the 1849-founded company after years of ownership uncertainty.