Monday, January 24, 2011

Added To The Boycott List - Boots Chemist ...

In June 2008, after more than a century and a half in the UK, Boots moved out of the country to Zug, Switzerland. Not their stores or their business, you understand, just their head office.

The British household name had been acquired in Europe’s largest private equity deal in 2007, thanks to £9.3bn of borrowing - interest payments on the Alliance Boots debt in 2008 were so large they wiped out profit in the UK, and the tax that used to go with it.

Ten years ago the Boots group generally paid about one-third of its profits in UK tax, around £120-£150m each year.

Now they pay just 3% to the UK exchequer, despite all that money coming from British customers.

This is a company that on it's website claims to "do business with fairness and integrity."

If 'Alliance Boots' choose to move their business elsewhere, so will we.