Hercules floats on London Stock Exchange

Hercules Site Services plc, the Cirencester-based labour supply company has floated on the London Stock Exchange.

The business raised £8 million to rapidly deliver on the demand it is experiencing for its services across the UK infrastructure sector.

The investment will help Hercules scale up to supply labour to the northern section of the HS2 rail project from London to Birmingham.

Founded in 2008, Hercules’ digitalfirst approach has helped attract a blue-chip client base including Balfour Beatty, Skanska, Costain and Kier.

The company has grown its revenue from £9.7 million in 2015 to more than £30 million in 2019 and has experienced a strong rebound following Covid-19.

Hercules CEO Brusk Korkmaz said: “Over the past 12 months we have achieved significant momentum and milestone contract wins, which has culminated in the successful AIM listing.

“We have built Hercules to become a leading labour supply business over the past 13 years. Our delivery track-record has led to our work with our long-standing partner, Balfour Beatty, on HS2; this is expected to significantly stepchange our growth in the next 12 months and beyond.

“This IPO will enable Hercules to capitalise on the rapidly growing opportunity in the labour supply market; the demand for skilled labour is higher than ever before due to the multi-billion infrastructure commitments made by the UK government demand.”