Alliance Boots, the healthcare retailer and pharmaceutical giant at the centre of a private equity takeover bid, is to launch a £65m rebrand of its UK pharmacies.

The group, which recently rejected an initial £9.7 billion 'friendly' bid from its chairman Stefano Pessina and Kohlberg Kravis Roberts, said it would brand its community pharmacies 'your local Boots pharmacy'.

Boots described the move as the 'biggest single expansion of the Boots brand in its history' as it unveiled the plans and gave a trading update ahead of full-year results.

The £65m will be spent on rebranding costs and refitting the network over two years, starting in the summer. Boots is also set to relocate and possibly close some of its UK outlets after a review of its property portfolio.

The group said around 100 stores will be affected, with the bulk relocated, but it added it would 'rationalise' a small number of sites.

The group said it expected underlying sales for the year to the end of March to be up 1.6%.