Loaded was once one of the UK’s most popular men’s magazines with a circulation of 350,000 in 2000; recent sales stand at a tenth of that. But now it is to get an x-rated injection after being bought by a multimillionaire businessman, and tax adviser and some time star and director of his own adult films.

Paul Baxendale-Walker, who recently made headlines when it emerged he had invented the tax scheme that triggered the inquiry into Rangers football club’s finances, has acquired the monthly men’s magazine from administrators.

Baxendale-Walker intends to use the brand to marry his adult businesses with his mainstream media interests in a strategy that includes the launch of two Loaded TV channels. He hopes to launch a mainstream Loaded TV channel, which he says will be “like 1970s ITV on a Saturday night”. A second, overtly adult channel, Loaded Babes TV, is also envisaged.

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