Retailer Mr Price Group has sold its Galaxy jewellery division to a management consortium for an undisclosed sum, it announced in a statement on Tuesday.

According to a company statement, Mr Price directors feel the business of Galaxy does not represent a core retail activity of the group and believe the sale of the division would not have a material impact on the group's earnings.

The division was sold to a consortium comprising of the management of the Galaxy Division.

The effective date of the transaction is March 27, 2005.

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