(Alliance News) - Hercules Site Services PLC on Wednesday said it secured a new GBP15 million debt facility with IGF Business Credit Ltd to fund its continued growth and ongoing working capital needs.
The Cirencester, England-based labour supply company for the UK infrastructure sector said the three-year discounting debt facility for up to GBP15 million replaces an existing facility of GBP11 million from a previous provider.
It believes that the increased funding capacity will provide the headroom required to support its working capital needs over the period of the facility and support continued growth.
Hercules Site Services said the need for an increased facility is reflective of the growth in demand across all of its business divisions, with the facility available to all three key areas of its activities.
These are in labour supply, suction excavator services and civil projects, Hercules Site Services said, which is experiencing increased demand for its services driven by activity in the UK water treatment sector.
"We are pleased to secure this additional financial firepower as Hercules continues on its growth journey. This new facility will allow us to deliver on our organic expansion strategy within our existing equity capital base. We welcome this new relationship with IGF, which demonstrates a strong vote of confidence in Hercules and our future plans," said Hercules Site Chief Executive Officer Brusk Korkmaz.
Shares in Hercules Site Services were up 3.8% to 25.95 pence each in London on Wednesday afternoon.
By Greg Rosenvinge, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Hercules Site (HERC)