Mike Schmidt: B&M Finance Chief Resigns Following Major Accounting Error

In a striking development for the retail sector, Mike Schmidt, Chief Financial Officer of B&M European Value Retail SA (“B&M”), has announced his resignation amid the fallout from a £7 million accounting error. This error, triggered by unrecognised overseas freight costs following an operating-system upgrade, has forced B&M to downgrade its profit guidance, rattling investors and raising questions about cost controls and reporting practices.