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Multimillionaire media mogul buys Loaded magazine

Paul Baxendale-Walker will create two Loaded TV channels.

Lads' mag Loaded has been bought by Paul Baxendale-Walker after seeking a buyer for the second time in less than two years. 

Baxendale-Walker is a tax advisor, businessman, and former solicitor. He also hosts the TV discussion show Red Zone under the pseudonym Paul Chaplin. 

He plans to revamp the magazine, which is now selling just one tenth of the 350,000 circulation it enjoyed in 2000, by increasing the number of glamour models on its pages and creating two Loaded TV channels. He described his vision for a mainstream TV channel as "like 1970s ITV on a Saturday night." The other channel, Loaded Babes TV, will be more overtly adult, he said.

He continued: "Loaded is a lifestyle magazine. I guess I live the Loaded lifestyle. Girls, cars, money, helicopters and fun, fun, fun."

Baxendale-Walker owns, among other things, Bluebird Productions, which makes hundreds of X-rated films - many of which he directs and stars in. He said: "I make adult films, some people use the word porn. I don't mind - the content is what it is."

Baxendale-Walker made headlines recently after it emerged that he had invented the tax scheme which prompted the inquiry into the finances of Rangers football club.  He was also struck off as a solicitor in 2007. 

Vitality Publishing, which owned Loaded since 2010, ran up a bill of £1m to its creditors and last week forced the magazine into the hands of administrators Cooper Young. 

However, Baxendale-Walker is convinced that the magazine is profitable. He said: "It is a series of misfortunes that brought it into administration, an accident. It is profitable, it is viable."