Hercules Site Services PLC - Cirencester, England-based labour supply for UK infrastructure sector - Plans to list on AIM market in London, raising GBP10.0 million in total - GBP5.5 million for the company and GBP4.5 million for selling shareholders. Hercules says it will use the funds to meet the significant demand it is seeing for labour supply services to UK construction companies, particularly for the northern section of the HS2 rail link from London to Birmingham. The initial public offering, for which no date is provided, will include an offer for retail investors via PrimaryBid. SP Angel Corporate Finance LLP is running the IPO as nominated adviser and broker.
Hercules was founded in 2008 and counts construction firms Balfour Beatty PLC, Costain Group PLC and Kier Group PLC among its customers. Revenue was GBP30.7 million in 2019. This took a hit from the Covid-19 pandemic, it said, but was recovering in 2021.
By Tom Waite; thomaslwaite@alliancenews.com
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Balfour Beatty (BBY)
Kier (KIE)
Costain (COST)