Rasul, who is thought to be worth more than £100m, says his lawyers are close to concluding a deal for the site, which sells an eclectic mix of products such as bright pink MP3 players.
The millionaire, who made his fortune by selling computer par
ts before building a property empire, is keen to capitalise on the UK's growing obsession with online shopping. He hopes the site will be the first in a series of acquisitions in internet retailing.
Speaking at an event organised by Business Forum Scotland in Edinburgh, Rasul said: "The future as we see it for us is e-commerce. That's the sort of business we are trying to develop now. I think the big growth area is the internet. High streets are finding it very, very difficult."
Retail analysts say e-shopping websites are reaping the benefit of the consumer slowdown as more people search for bargains online. Online retailers tend to offer large discounts, typically have lower staff costs and don't have to include expensive high street rents in their prices.
According to a survey from the Interactive Media in Retail Group, an online shopping research company, seven out of 10 shoppers say they are more likely to buy their Christmas presents online this year as rising food and energy prices force them to make savings elsewhere. The number of people who intend to do half of their Christmas shopping or more online has risen to 77% this year compared to 56% recorded in September last year.
James Roper, chief executive of IMRG, said: "Christmas can be an expensive time of the year, and this year it will feel particularly so for many who are being squeezed in the economic slowdown."
