WH Smith tries to recover bonuses from ex-bosses as watchdog investigates accounting error

Retailer targets 7m in bonuses as FCA examines scandal in North American arm

WH Smith will try to take back as much as 7m in bonuses from former executives after revealing the UK's financial watchdog has launched a formal investigation into a devastating accounting error linked to its US business.

Almost 600m was wiped off the books to paperclips retailer's stock market value overnight in August after it identified errors with accounting for supplier income and provision for lost stock going back to 2023 in its North American arm.