"Alliance Boots knows it has a set of properties in its own brands and it clearly wants to find a way to exploit them internationally," he said. "There is a massive difference between how a retail business is run and how a consumer goods division is run and separating the two out makes sense to get the best out of them." "In the UK, these own-label brands are seen as the crown jewels and there is scope for growth here and the rest of the world." Alliance Boots is likely to recruit heads for key brands, including No7, Soltan and organic bath and body brand Botanics, as part of the initiative. An Alliance Boots spokeswoman said: "We are continually looking to develop the Boots brands, continually investing and are considering all the options." * As Retail Week went to press, a syndicate of banks was understood to be close to selling off a big tranche of Alliance Boots'£9 billion debt. A successful sale would be evidence of improving credit market conditions.