Hercules Site Services plc, a labour supply company for the UK infrastructure sector, has revealed its intention to float on the London Stock Exchange AIM.
The Cirencester-based is seeking to raise approximately £5.5 million to rapidly deliver on the significant demand it is experiencing for its services across the UK infrastructure sector, including to scale up its operations to supply labour to the northern section of the HS2 rail project from London to Birmingham. In addition, up to £4.5 million will be raised for the existing shareholder from the sale of part of its interest in the Company.
Founded in 2008, Hercules’ digital-first approach and complete service offering fills the gap in the market and has helped attract the company’s blue-chip client base including Balfour Beatty, Skanska, Costain and Kier.
Hercules has grown its revenue from £9.7 million in 2015 to £30.7 million in 2019 and has experienced a strong rebound following Covid-19 growing to £14.0 million in H1 FY 2021.
With nearly £650 billion of investment planned on UK infrastructure and construction projects over the next 10 years, the current labour deficit, has resulted in workforce supply being given much higher importance on the industry’s agenda.
Hercules believes it is well-placed to gain market share as it is proven to attract a loyal workforce and blue-chip client base due to its award-winning app, digital capabilities and training/ health & safety focus, which the Directors believe differentiates it from the competition.
Hercules CEO Brusk Korkmaz said: “We have built Hercules to become a leading labour supply business over the past 13 years and our digital first approach has helped us attract major construction businesses to our client portfolio.
“Our proven and rapid delivery track-record has led to our work with our long-standing partner, Balfour Beatty, on HS2; this is expected to significantly step-change our growth in the next 12 months and beyond.
“The demand for skilled labour is higher than ever before due to the multi-billion infrastructure commitments made by the UK government and we are experiencing unprecedented demand for our services.
“Therefore, having identified multiple exciting growth opportunities, and proven the fast-growth and profitable nature of our business model, we believe that this is the right time to pursue an AIM listing. We are excited at the prospect of welcoming investors to our growth journey.”
Managing Director, Brusk Korkmaz, founded Hercules in 2008.