Former publishing director Richard Poolton has taken a gamble that his internet business will be a winner.

He has given up a lucrative job as group publishing director with dmg World Media Limited to run his internet business from home at The Quadrant, Totteridge.

He has attracted nearly 7,000 users in the first year and experienced a turnover of just over £50,000. He is confident profits will double in 2007.

The 42-year-old, who was born in High Wycombe and went to the Royal Grammar School, said: "I was inspired to launch this business when I used to do a lot of European travel on business. Like many others I was tempted by the win a supercar' competitions that feature at airport terminals. I loved the idea, and wanted to do something similar, but in a way that was easier to participate in, cheaper to enter and offered better chances of winning."

Following research, he came up with an internet format for a " reverse bid" auction internet site born a year ago called I Feel Lucky. In the first week he had about 900 registered users and he is now convinced that his first year's success was not a flash in the pan.

It has given him the confidence to enter the second phase of the venture - offering tailored versions to national newspapers and magazines. He hopes his internet business will hit the big time. He said: "That business started small in San Francisco. It was tiny. Because it was a fresh and new, the concept exploded."

He is setting up meetings with media owners to create mutually beneficial competitions profit share of sites he will continue to own and maintain. Unlike the famous auction sites, all the lots on his site appeal to people who aspire to have luxury or designer goods.

Bidders are shown a selection of expensive goodies such as watches, jewellery, personal stereos and cars. Bidders pay a small entry fee such as £2 to £4 to place the bid and the auction gets off the ground. Winners are those who place the lowest unique bid.

He says his site does not break lottery or gambling rules. "There are a pre-determined and published maximum number of bids available for each lot," he said, "my site doesn't break any gambling rules and it is proving to be a hit."

The first item sold was a designer watch and since then small items such as designer MP3 players have proved the most popular to date although many hopefuls have gone for the car option. As soon as enough entries have been placed to cover costs, Poolton buys the goods on offer. So far he says to have purchased cars and music players and is planning to buy a diamond bracelet from a top jeweller.

"I have had great pleasure out of setting up and running this business. I get a lot of pleasure from giving winners their prizes. People thought I was mad to give up my job where I was well established. I have no regrets at running a business of my own."