The Red Tory sounds like Margaret Thatcher in a Che Guevara beret, just as the distributist sounds, to someone unfamiliar with the term, like a redistributionist, or a communitarian might be confused with a collectivist. (It would not hurt the third-way Chesterbellocians to update their nomenclature.)
Zach Dundas describes Red Tories this way:
The Red Tories argue that modern free-market capitalism poses as potent a threat to individual liberty and communities as Big Government. Red Tories lump big-box stores, industrial agriculture, and high-finance shenanigans together with heavy-handed bureaucracy and high taxes: all, in their view, undermine the rock-ribbed Conservative values of local autonomy, strong community, diverse traditions, and decentralized power. The Red Tories view themselves as defenders of grassroots community against both the free market and the State.