Independent businesses could get a slice of the £20 million market in gift vouchers after a scheme is launched.

Social enterprise Goodmoney’s gift voucher scheme aims to benefit independent shops, restaurants, cafes, clubs, local artists and many more in Brighton and Hove.

From September, customers will be able to buy the vouchers to be used in businesses that have signed up to the scheme.

So far 80 businesses have signed up ahead of the launch including HiSbe, Lagoon Watersports, Boulder Brighton, and Rayment Cycles – with many more expected.

The community interest company's has a heavyweight board of directors include Brighton Pavilion MP Caroline Lucas, NixonMcInnes founder Tom Nixon and network science expert Dr Mick Taylor.

The company has roots in the complementary currency movement with directors having looked into setting up a Brighton Pound.

A mutual exchange of goods and service was also considered by the group, but the voucher scheme was seen as a more straightforward step towards a complimentary currency.

An estimated £20 million is spent with gift vouchers in Brighton and Hove, but the market is dominated by high street chain stores and department stores, with little of this money going to independent local businesses.

Research from the New Economics Foundation shows money spent with independent local businesses stays in the local economy for longer, creating more jobs, opportunities and prosperity for local people.

Ms Lucas MP said: “Goodmoney Gift Vouchers are a tremendous way we can all support our independent local businesses in Brighton and Hove.

“Brighton and Hove’s independent businesses offer a uniquely wonderful range of products and experiences, making Goodmoney Gift Vouchers a really thoughtful and personal gift.”

Founding director Dan Webb used to run a mortgage brokerage before becoming interested in alternative finance after the global economic crisis. He said: “When the recession hit I realised I didn’t understand financial systems as well as I thought, and most of the money in the economy was debt created by the banks.

“It made me realise the type of money we have isn’t getting to all the places and enabling all the exchanges that could be happening.”

The scheme is free to join and be listed in the online directory.

For more information, visit www.goodmoney.co.uk/video or email dan@goodmoney.co.uk.