The high-street pharmacy Boots’s links to the transatlantic slave trade have been revealed in new research that shows how the proceeds of enslavement became entangled with British capitalism.

Jesse Boot, the son of the company’s founder, expanded the chemist with the help of banks and premises linked to slavery. He was not identified as involved in the enslavement of people, the trade of enslaved people or trade in goods made by enslaved people.

Nottingham and Nottingham Trent universities commissioned a report looking into their donors from 1875 until 1960, dating back to their forerunner institution, University College Nottingham (UCN).

The report, compiled with the assistance of Boots, identified eight patrons “with historic links to the transatlantic slave economy” who made “between 36% and 44%” of private donations in the period, including Jesse Boot and Boots, Barclays, Midland Bank, Lloyds Bank and the defunct cigarette manufacturer John Player & Sons.

In extending its examination to someone like Boot, who was not directly involved with transatlantic enslavement, the research paints a picture of how the incomes helped fuel the development and acceleration of British capitalism.

The report, Nottingham’s Universities and Historical Slavery, said benefactors’ “historic connections” included the “ownership of enslaved African people, the manufacture of cash crops cultivated by enslaved Africans and governorship of British West Indian colonies”.

It added: “Four of Nottingham’s most prominent industries (textiles, tobacco, banking and pharmaceutical) have historical ties to the transatlantic slave economy, with numerous benefactors in each sector providing gifts which benefited Nottingham’s universities.”

The report describes how, from the late 19th century onwards, Boot, having taken over his late father’s herbal shop, expanded the business to 560 branches by the eve of the first world war with the help of borrowing from banks.

These banks – the Nottingham Joint Stock Bank, National Provincial Bank and its acquisition, the Union of London and Smiths Bank – all had “ties to transatlantic enslavement”, through goods, customers and, in the latter two cases, through partners and directors who directly “owned” enslaved people.

The report said: “Those [banks] which Jesse had accounts with, however, were partially developed using capital derived from the exploitation and appropriation of enslaved African labour, and sale of firearms to American ‘slave owners’.

“In addition, Jesse’s early use of cotton mills for manufacturing and administrative purposes is an example of how Nottingham’s built environment … partly financed by the profits of slavery, was capitalised on by Boot for the growth of his business.”

It added that profits from the “transatlantic slave economy … facilitated the growth of the banking and textile sectors Jesse Boot relied on for the founding and operation of his massively successful pharmaceutical retail enterprise [which] enabled him … to make some of the largest donations ever received by UCN.”

A spokesperson from Boots said: “As founding benefactors of the University of Nottingham, Boots supported this important piece of research in the interests of transparency and openness.

“As part of this research, our past, alongside that of other institutions, has been carefully examined. We are committed to drawing lessons from our history, especially anything that is inconsistent with our present values. We stand against all discrimination and remain wholly dedicated to fostering an inclusive and diverse culture.”

Prof Katherine Linehan, the pro-vice-chancellor for people and culture at the University of Nottingham, said the report was the first step in the institution acknowledging its links and would “act as a catalyst to open dialogue … with respect to reparative justice”.

Barclays and Lloyds, as well as HSBC, which merged with the UK’s Midland Bank, have previously addressed their links to enslavement, as has NatWest, of which National Provincial was a past constituent. Imperial Brands was approached for comment concerning one of its forerunner businesses, John Player & Sons.