A website that offers the chance to enjoy stays in top quality hotels and resorts at cut prices has been launched by Archant.

The publisher of the EDP has unveiled 40 Winks, the UK's first group-buying online service that is dedicated to offering discounted resort and hotel stays. The service gives registered users the opportunity to buy cut-price offers on hotel and leisure escapes across the country, as long as a set number of others sign up for the deal. Every Monday and Friday a new offer is put on the website, with 'dreamers' given a set period of time to buy.

If the target number of customers – the 'dream point' – is not reached, the offer is cancelled at no charge to the customer. This means that customers are encouraged to share the 'dream' through social networks to ensure that enough other people sign up before the offer runs out.

If the point is reached, 'dreamers' usually have six-months to redeem their offer. Serge Taborin, Archant's business development director said: 'Group buying deal sites are one of the fastest growing digital segments at the moment and this new product offers our customers exceptional hotel deals in a very competitive market.'

The service has been launched through Archant's Local Vouchers joint venture, which also runs local group-buying website Tickles.

Jon Shannon, director of Local Vouchers said: 'We have seen over the past few years that the internet has played a major role in helping hotels and leisure groups change the way they reach new customers.

'40winks.co.uk can take this a step further by helping these businesses increase occupancy rates without the huge costs of traditional marketing.'

Elly Montgomery, 40 Winks director, said: 'We work with hotels and resorts across the UK to offer exclusive deals, but the only way to receive these fantastic offers is to register for free today'