In December, the UK’s Financial Conduct Authority confirmed it had opened an investigation into WH Smith for potential breaches of UK Listing Principles, for overstating supplier income in North America.
Deloitte found the issue “has arisen against a backdrop of a target-driven performance culture” and “a limited level of Group oversight of the financial processes in North America” among other contributing factors.
Now, the UK’s accounting regulator is also investigating the accounting firm PwC’s audit of WH Smith.
Is WH Smith Taking Care of You?
WH Smith’s remediation plan in North America includes the adoption of the group’s global supplier income policy. Have there been any changes to target-driven performance incentives since the announcement? If so, has your income been impacted? Are you being held responsible for what others did?
Anonymously and confidentially report what you know to UNITE HERE:
What Happened at WH Smith North America?
WH Smith said in its 2025 Annual Report that it was “currently in the process of reviewing the North America leadership team.”
WH Smith said some of the overstated revenue “has not been delivered due to delays in signing supplier income contracts and the under-delivery of the commercial plan.” Are you familiar with what WH Smith described? Report anonymously in the form above.
