The attempt by Boots to diversify away from its core retail chain, Boots the Chemists, cost it more than £300m over the last five years, according to the Daily Telegraph.
The paper said the figure included the investment and losses from its12 Wellbeing health and beauty centres, bootsphoto.com, its Wellbeing TV channel joint venture with Granada. But the figure does not cover its loss-making upmarket beauty chain, Pure Beauty, or the cost of a trial of Boots stores within Sainsbury’s supermarkets.
Last week Boots replaced its chief executive Steve Russell with former Asda man Richard Baker.