The flagging men’s magazine market is about to come under fresh competitive pressure after plans were disclosed Tuesday for the launch of a free weekly title that intends to get 500,000 upmarket readers.

Sir David Arculus, former managing director of Emap, has raised “a mid-to-high seven digit sum” for the launch from a group of investors including GLG Partners, the hedge fund; DC Thomson, publisher of The Beano; Stephen Marks, founder of French Connection and Marv Partners, the UK film company.