Hercules Site Services float on AIM
February 2022
Hercules Site Services is based in Cirencester, Gloucestershire, is a provider of labour and construction services to blue-chip clients in the UK infrastructure sector.
Labour supply is the Company’s core business, supplying skilled and qualified labour to construction companies to deliver key infrastructure, civil engineering, utilities, groundworks, highway and railway projects. Projects the Company is currently supplying labour to include HS2, Water Infrastructure Management Plan 7 (AMP7), Crossrail and the M4 Smart Motorway.
The labour supply business is supported by the Company’s proprietary digital technology which is used to accelerate the recruitment and onboarding process for workers which enables the Company to quickly meet its clients’ labour needs and also source labour locally to projects. The Company is also developing its digital solutions to provide clients with data analysis tools to help improve their ability to understand their own labour supply needs and make long-term planning decisions.
The Company’s construction services business is made up of Civil Projects, where Hercules partners with contractors to provide end-to-end project delivery for civil engineering contracts, and Specialist Plant Hire, where the Company hires out its fleet of suction excavators.
Admission to Trading on AIM
On 4th February 2022, admission and dealings on AIM commenced by way of Offers of 7,920,792 New Shares and 7,920,792 Sale Shares at 50.5 pence per Share which included a Retail Offer arranged by PrimaryBid.
The Company will receive approximately £4.0 million of the net proceeds from the Offers and intends to use the funds as follows:
- £2.0 million as working capital for the Company, including the labour ramp-up for HS2 and suction excavator fleet, training and upskilling costs, and enhancements and expansion of the digital division;
- £500,000 as 10 per cent. contribution towards the eleven suction excavators due to be delivered from February 2022 onwards; and
- £200,000 for transportation investment for HS2 and ancillary suction excavator vans.
The Perivan shareholder communications team were delighted to work with SP Angel who were appointed as Nominated Adviser and Broker to the Company on the successful publication of the 111-page admission document.
Perivan specialise in the production and publication of financial documents relating to shareholder and investor communications for quoted companies, private companies and open and closed-ended funds.
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