LIVE AID guru Bob Geldof hopes that Macclesfield will become a 'boom town' after his TV company bought out McMillan-Scott for up to £12.25m in cash.

The 54-year-old singer, songwriter and political activist - who fronted punk band 'The Boomtown Rats' - is also a successful businessman as a major shareholder of factual television production group, Ten Alps.

They acquired the specialist media and contract publishing company, with its head office on Chestergate, in a deal which is seen as handing a boost to the region's film-making talent.

Irishman Bob, a triple Nobel Peace Prize nominee for highlighting African poverty through the Live Aid and Live8 concerts, hopes that the deal will help his company tap into the lucrative world of internet-TV.

He said: "The client and advertiser base of McMillan-Scott is almost a definitive dictionary of possible customers for a UK public sector web-based media and internet TV provider, as the opportunity for niche channels evolves."

Although Bob didn't personally visit Macclesfield during any part of the negotiations, a Ten Alps spokeswoman said that "he is sure he will come in the future".

McMillan-Scott and its 250 staff publish and manage advertising sales in more than 300 publications. With titles covering almost every segment of the public sector, its clients include government agencies, local authorities, trade associations and professional institutes.

Also with offices in Manchester, its average turnover for the past three years was £26.14m.

Ten Alps was founded by Bob and chief executive Alex Connock in 1999 and now employs about 450 people in ten offices around the UK.

The acquisition deal involves an initial payment of £10.2m, with a further £1.75m if McMillan-Scott achieves underlying earnings of £1.4m by the end of the year.

Former majority owner, Martin McMillan, will remain as a consultant until this time.

He said: "I am pleased that the business we have built up over the last 35 years is joining a young and vibrant company which has admiration for our team and desire to build on our success. I believe that the combined strengths of the two organisations will make a formidable business."

Adrian Dunleavy, 41, has signed a new service contract to remain as chief executive of McMillan-Scott.

He said: "This is a great deal for McMillan-Scott, its staff and its clients. It opens new horizons for our company and will be an exciting opportunity to build on the strength of our core business."