STRUGGLING retailer Debenhams has sold off its Taunton-based in-house printing operation.

Magenta Print and Display, based in Venture Way, on Priorswood Industrial Estate, has been bought by the Paragon Group.

Magenta produces 2D and 3D promotional material for Debenhams and also for third part clients.

The new owner, which will have a turnover of more than €700 million during the coming financial year, is a provider of customer communications, identification and graphics services.

Magenta, which employs 73 people and has an annual turnover of around £10m, will become part of Paragon Display Solutions' business in the UK.

A Paragon spokesman said: "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 sales (POS) 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, said: "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."

Debenhams put Magenta up for sale in the summer as part of a major restructure, including a strategic review of non-core assets, after the department store group issues its third profit warning of 2018.

At the time, a Debenhams spokesman said the company had decided to "actively pursue a buyer" for Magenta to "simplify our operations".