A GROUP of budding businessmen is offering companies relief from the recession — by tapping into the teenage market.

The sixth formers from Abingdon School have formed their own company, Virtuous Media, which boasts a database of 80,000 people aged between 13-21.

Managing director Richard Oastler, 17, said: “Teenagers are one group of people who have not been affected by the economic downturn. They have a disposable income and little financial responsibility.

“Companies have a problem in that they can’t target teenagers accurately, but we know their interests, how they think and can reach them directly.”

The database was gathered using a website listing local events for young people across the UK and asking them to register their details.

Now the company has signed a major contract with an agency scouting for up-and-coming models and is pitching for other national clients looking to break into the teenage market, including marketing agencies and even TV stations.

The company has been set up as part of the Young Enterprise scheme which encourages youngsters to set up and run their own businesses.

But the 11-strong Virtuous Media team is hoping to go beyond the academic year and continue after they leave school.

Richard has already set up one business on his own — a web-hosting company.

He added: “We have learned a lot about running a business which will help us a great deal in the future.”