A MULTI-MILLIONAIRE entrepreneur from Stacksteads is cutting back on his lavish lifest- yle and donating the savings to charity.

Eamon Gaughan, co-founder and chief executive of Birmingham-based investment company JEEG Global Group, usually spends £50,000 a month on eating out and buying clothes, but for four weeks he is cutting his budget to £800.

Mr Gaughan, 33, was inspired to raise money for The Christie Charitable Fund after the Manchester hospital spent three months looking after his uncle, Paul Samberg, from Ramsbottom, before he died from cancer earlier this year.

He wants to raise a total of £1million and has so far amassed more than £129,000 after donations from business contacts.

Mr Gaughan, who lived in Fernhill Avenue until he was 25, set up JEEG with his father, Eamon Gaughan Snr, in 2007, and is predicting a turnover of more than £1bn across its 18 businesses in 2013.

Throughout February, he is cutting back on overseas trips, taking packed lunches to work, instead of dining in expensive restaurants, and has swapped his supercars for a runabout.

The former All Saints’ Catholic High School and Bacup and Rawtenstall Grammar School pupil said: “I’m renowned for being a bit flash and spending too much money, and my mates said that was the one thing I couldn’t stop doing, so I’m trying to prove them wrong. Individually they may not seem massive sacrifices, but together they have tot-ally changed every aspect of my life. I’m fully aware many people exist on less than this every month, but for me it has had a huge impact.

“It has been a personal challenge for me and one I am totally committed to see through.”