When Michael Marks set up his first stall in 1884, his slogan was: “Don’t ask the price, it’s a penny!” One hundred and twenty-five years later Elizabeth Sieff, great-great-granddaughter of the Marks & Spencer founder, has set her sights a little higher.

Far from her relative’s early stall in Leeds’ covered market, Ms Sieff is looking at a more exclusive, more London-based market. The former director of a City headhunting firm specialising in private banking has set up a discount card that gives her personally vetted customers huge discounts on a variety of goods from 800 retailers, including hotels, clothes, shoes, food and services as diverse as pet walking and hiring chauffeurs.

Along with two silent partners and her friend Rebecca Masri, an American banker whom she met at the European Business School, Ms Sieff has set up Little Emperors.

The idea was born as the credit crunch began to bite and Ms Sieff found her bonuses and her disposable income shrinking. All around her, too, restaurants were closing and her friends were not going out as much or spending as much.

“I thought if it is hurting me, then it must be hurting other people and lots of retailers,” she said. “With Rebecca, I tried to think of a way that retailers could keep their customers and give them something back while times are difficult.”

For the first year the discount card will cost £575 and in addition to discounts it will offer customers free annual membership to London clubs. However, not just anyone can be a member of Little Emperors. Applicants will have to provide details of their job and which clubs they belong to and they will be required to write a letter saying why they want to join.

Although the site does not go live until November 1,550 people are already on the waiting list and as yet no one has been refused. Most are bankers, lawyers or people working in the luxury goods industry.

Ms Sieff, a former oil and gas emerging markets banker, is adamant that it is not a concierge service, but simply puts customers in touch with different outlets. Indeed, one of the best offers is not at all high-end: NCP car parks are offering up to 65 per cent off with the card.

The business, funded with private money, hopes to cap its membership at 5,000 for the first year after which prices will rise to around £1,500.

While that is a huge jump, Ms Sieff is adamant that customers will still save the price of joining plus a lot more. “We are partnered with the Leading Hotels of the World,” she said, “and if you stayed at some of the hotels we feature a couple of times a year you would easily save the fee.”

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