The My Book Your Book website goes live on Monday at 2200 BST

The My Book Your Book website does not go live until Monday evening, but has already received 750 applications.

All of its "founder members" will be able to access thousands of paperback novels - provided they donate 10 books each to the co-operative scheme.

"I always thought it would work, but I'm surprised how quickly it's taken off," Peter Baillie told BBC News.

"The response has been remarkable."

The website asks its members to add a list of 10 books they own to its online catalogue.

The listed books can then be exchanged between members for the cost of postage and packing.

Sister schemes

"Our community of readers can save money, have a bigger library and help the environment by saving a few more trees," said Mr Baillie.

"Instead of spending £4 to £8 on each novel they desire, members could join and never buy a book again."

Members who join once the site is active, from 2200 BST on Monday, will be asked to pay an annual subscription of £8.95.

However, those who sign up beforehand will receive free membership for one year.

Mr Baillie told the BBC news website he had received backing from Friends of the Earth, the Arts Council and the Literary Trust.

He said he had also been in touch with readers in South Africa, France and New Zealand eager to set up sister schemes.