A NUMBER of radio stations in the region, including Alpha FM, in Darlington, are being bought by a company set up by former Jazz FM bosses.

The Local Radio Company, which raised more than £50m in a stock market flotation yesterday, is buying Radio Investments, which owns Alpha, Minster FM, in York, and Sunderland's Sun FM.

The Local Radio Company said the money raised from the flotation would enable it to build up its portfolio by buying smaller rivals.

Other ventures, such as promoting concerts and selling CDs based on stations' playlists, are also planned in order to create a significant local radio group.

Radio Investments owns stations in the South-West and North-East, and one in Falkirk, Scotland.

Local Radio Company chief executive Richard Wheatly, who was at the helm of Jazz FM for seven years, said the listing and the acquisition gave a robust platform to build up the group.

The company said it was aware of a number of potential opportunities to acquire groups of local radio stations that could be integrated into the business.

Non-traditional activities such as selling CDs featuring music from themed radio programmes would help increase brand awareness and boost traditional forms of income.

The group employs 315 staff, including 255 at its radio stations, 41 at its head office and 19 in sales.