Boots UK owner Walgreens Boots Alliance (WBA) is looking at listing the pharmacy and beauty retailer on the London Stock Exchange after an absence of 16 years, according to Bloomberg.

The report suggests that WBA and Boots are considering an initial public offering (IPO), which would value the UK company in the region of £7bn, returning it to the FTSE 100. Alliance Boots was previously listed before its acquisition by private equity firm KKR in 2007. An attempt to offload the company last year failed.

Neither Boots UK nor WBA would comment on the Bloomberg report.

In July Boots announced it was closing 300 branches, while last month WBA agreed a £4.8bn deal with Legal and General (L&G) to take over responsibility for the Boots pension scheme.

Boots UK’s pharmacy sales rose by 9.9 per cent in the year to August 31.