Mortgage Advice Bureau (MAB) has taken a significant stake in UK Moneyman, the Hull-based brokerage led by veteran adviser Malcolm Davidson.

Founded in 2009, UK Moneyman has expanded steadily in both size and profitability under Davidson, who has more than 30 years’ industry experience.

As part of the deal, the firm will become an appointed representative of MAB.

The move comes as MAB, which is marking its 25th anniversary this year, continues to expand through partnerships with established intermediaries. It said the investment underlines its growth strategy in specialist markets such as later life lending.

Davidson (pictured), managing director of UK Moneyman, said: “We’re delighted to be returning to MAB. It’s clear the scale, support and technology MAB provides will accelerate our growth plans and help deliver even better outcomes for our customers.

“We’re excited about the future together, and are confident that this partnership will help us achieve our goal of being the go-to brokerage for over-50’s mortgage advice.”

Gareth Herbert, distribution director at MAB, added: “We’re thrilled to welcome Malcolm and his team to MAB. I’ve known Malcolm for over 20 years, and I’m incredibly proud to have him and his team back in the fold.

“UK Moneyman has a fantastic history of growth, and their plans for the future are impressive. I look forward to working together to grow and enhance our proposition, particularly in other areas such as later life lending where UK Moneyman have really excelled.

“We are all excited about what the future holds for us.”