Frank Castle may be a spent force today (despite three movies!) but this was the BIG GUNS era (see here) so teaming him with M-UK's most bankable (albeit pretty overexposed) character for a limited series would surely have been a sales generator.
I'm not sure how far this project, from Dan Abnett, Andy Lanning (writers) and Bryn Hitch (artist) had progressed when it was cancelled. Certainly a number of pages of (partially) completed artwork exist and its likely that the whole series had been plotted. Unlike LOOSE CANNONS, it hadn't progressed to a firm slot on Marvel's upcoming schedules although it was announced for publication in the first quarter of 1994.
For more details of the entire Marvel UK Genesis '92 line, and other assorted ventures into the US market, see here and here.