Shares in DSG International fell 7.5 per cent yesterday as the troubled UK electrical retailer announced plans to cut its dividend, close dozens of high street stores and focus its efforts on better service in a bid to invigorate sales.

John Browett, the new chief executive, said the changes would make the group "unrecognisable" as he unveiled his long-awaited business review. He trumpeted the plans as "radical", adding they would "transform the very DNA of our business over the next three years".