US-based private equity giant Apollo and India’s Reliance Industries tabled a joint bid for Boots earlier this month, which was more than £1bn below owner Walgreens £7bn asking price.

Asda owners the Issa brothers and TDR Capital have also been linked with a move, but doubts have emerged after debt markets have closed. 

Mohsin and Zuber Issa are both still reportedly interested in a move for Boots, but are finding it increasingly difficult to raise finance, according to the Sunday Times.