Less than four months since it launched in the Republic of Ireland, Letsbuyit.com has attracted 7,000 registered members, many of whom have used the group-buying service to purchase everything from beauty products to fridge freezers.

The Internet business operates in 13 other European countries and uses the clout of co-operative shopping to source discounted branded goods from manufacturers and distributors.

Most co-buying offers on the site run for two weeks and the extent of the discount is determined by how many people commit to buying a particular product in that time-frame.