Tuesday business round-up: Five key stories of the day

PC World and Currys branches will be relaunched to include Carphone Warehouse

Electronics retailer Dixons Carphone is to shut more than 130 stores under plans to roll out electrical superstores merging its three main brands across the UK and Ireland. The group will overhaul all its PC World and Currys stores to relaunch as so-called three-in-one stores, combining PC World, Currys and Carphone Warehouse over the next year and a half. It will close 134 stores as part of the revamp, but will relocate all affected staff to nearby branches.

Supermarket giant Tesco “seriously” breached an industry code by delaying payments to suppliers, an investigation found. The long-awaited report on the retailer’s practices revealed the firm had “intentionally delayed” paying suppliers. Groceries Code Adjudicator Christine Tacon made a series of recommendations to stop the practices, saying the group should be more transparent in its dealings with suppliers.

Dunfermline-based windows and conservatories business CR Smith said it plans to expand outside Scotland and grow its workforce after reporting the fifth consecutive year of turnover growth by its core business. Sales by CR Smith Glaziers reached £21.4 million for the year to end-February, up from £19.6m in the previous year.

Bank of England deputy governor Andrew Bailey was appointed as the new chief executive of the Financial Conduct Authority. Bailey is currently the head of the Bank’s Prudential Regulation Authority, which oversees banking stability in the UK, and will remain in his current post until a successor is found.

Fitness club operator The Gym Group said it was set to open its fourth branch in Glasgow, creating up to 20 jobs. The firm, which floated on the London Stock Exchange in November, said the Bothwell Street site, which used to house a Habitat furniture store, is to due to open its doors on 23 March.