Play.com, one of the UK's biggest e-tailers, has announced that it is to be bought by Rakuten, a Japanese company that specialises in e-commerce.
The surprise takeover was announced this morning with news that the two companies have entered into a 'definitive agreement', where Play.com will be acquired by Ratuken for £25 million (approx. 3.3 billion yen) in cold, hard cash.
I hope the purchasers know what they're doing. Pay.com is one of the biggest abusers of the UK's VAT system through it's abuse of low value consignment relief where goods worth under £18 are sent to the UK VAT free.
Now that is still legal (although wait for reforms this autumn) but some time ago Jersey agreed to stop the island being used by non-Jersey owned companies for this purpose precisely because it's considered abusive.
Now play.com won't be Jersey owned.
So will they be turfed out now?
Interesting idea. One for the new owners to watch out for maybe. I'd have a warranty on it in the deal if I was them.