A TEENAGER who claims to be a self-made millionaire is planning a four-day music festival in Billericay, to rival V Festival in Chelmsford.

Phil Hutchinson, 19, wants to use Barleylands showground to stage a music event next July for up to 120,000 revellers.

The young entrepreneur claims he has made more than £1million since leaving school in 2008 through property investments, buying and selling goods on internet auction site Ebay, and starting up a marketing firm.

He is in talks about the festival with Basildon Council and Barleylands bosses. He said his firm PH Productions was targeting top music acts Kasabian, Pixie Lott and Kings of Leon to play at the event.

Phil, who lives in Billericay, said: “I want this to be the biggest entertainment event in the country.

“It will be fantastic for Billericay, because it will bring a lot of money into the local economy.”

The young businessman said it would be the first major entertainment event he has devised. He has spent 18 months planning so far, working with contacts from V Festival organiser Maztec, and speaking to Basildon Council and Barleylands. He said the festival would be called ifestlive and feature five stages, an overnight nightclub area and room for camping. Tickets would cost between £110 and £130.

The event would cost up to £6million to stage, with sponsors covering much of the cost. Phil calculated the revenue from a successful festival could be up to £23million.

Former Billericay School student Phil said a comprehensive licensing application, which Basildon Council has to approve for the event to go ahead, was being drawn up.

He said: “You have got to pay around £60,000 to apply for it, so you need everything to be correct. I’ve got the money ready.”

Billericay councillor Kevin Blake, the councillor for leisure and arts, said: “Licensing staff have met the promoter. The council welcomes entrepreneurial spirit and private events that could attract national and international names. We look forward to seeing a formal proposal, as and when it is received.”

Phil Burrows, commercial manager of Barleylands, confirmed talks were going on about using the site.

He said: “We are very excited to be speaking with PH Productions regarding the opportunity of holding the ifestlive at Barleylands in 2011.”

Helen Cook, an Essex Police spokeswoman, said police would consider the implications of policing the event when an application is put into the council.

More details on the project are set to be unveiled at a launch party at the Movida nightclub in central London on Thursday night next week.