Yes it did morph into a 'laddish' channel.
Originally, it had a strap line of 'Timewarp TV' and showed lots of vintage television shows, many in black & white. It was a cable only channel and owned by United Artists.
It ran from midday to midnight and this is how it opened each morning:
https://m.youtube.com/watch?v=ML3ys1a2Azc
I actually loved this opening sequence so much that I tried to recreate it with this particular disco light to recreate the effect
https://m.youtube.com/watch?v=88qd24eTa9w
The old and often monochrome progamming was believed to be putting off viewers so the direction of the channel was changed into what you remember, before being closed down by Sky.