The printer provided point-of-sale (POS) print products and display solutions for Debenhams and has been sold as part of the retailer’s strategic review in the wake of difficult times for the high street.

High street retailer Debenhams announced it was selling its print division, Magenta Print and Display, back in July citing a collapse in profits as the reason.

The sale marks Paragon’s move into the wide-format sector, as the firm specialises in display graphics and large-scale signage for retail display.

A Paragon spokesman comments: "The investment in Magenta is in line with Paragon Group’s strategy to actively integrate complementary businesses in a positive way. With the manufacturing site in Taunton, Magenta is a successful business with very long-standing client relationships, which enriches the operational capabilities of the group in the sphere of point-of-sale and graphics solutions.

“Magenta brings a strong management team to the business, to complement and work with the existing strong team at Paragon Display Solutions. Magenta has a diverse POS and graphics product portfolio, which will complement solutions already offered by Paragon."

Angus Campbell, integration director at Paragon Group, says: "We are delighted to have worked with Debenhams to acquire Magenta, which is a great business with a talented and experienced team, along with an excellent client base and a diverse portfolio of products and services, which will further enhance the wide range of solutions we offer our current and future customers.

"We offer a warm welcome to our new colleagues and clients from Magenta and look forward to offering our combined client base access to a growing range of bespoke market-leading communications solutions."

If you have a news story, email summer@linkpublishing.co.uk or follow us on Twitter to have your say.