Law firm Hill Dickinson has advised Hercules Site Services plc, a leading technology-enabled labour supply company for the UK infrastructure sector, on a fundraise that has raised £8 million by way of a Placing and Subscription.
The Cotswold-based company sees the success of its recent fundraise as ‘a strong vote of confidence’ from which it is now ‘well-positioned to benefit from positive and political tailwinds’.
The funds will be used to strengthen Hercules’ balance sheet, allowing it to take advantage of opportunities in the UK infrastructure and construction sector to grow its business both organically and via selective acquisitions.
Alongside institutional investors, the fundraise was supported by well-known entrepreneurs Martin Tedham, a majority shareholder of Wasdell Packaging Limited, and Ged Mason OBE, chief executive officer of Morson Group, who will both play a pivotal role in supporting Hercules’ ongoing success.
Jonathan Morris, partner in Hill Dickinson’s London Corporate team, led on the provision of legal advice to Hercules, assisted by Sam Hudson (partner), Amy Grosvenor (senior associate), Amelia Chung (associate) and paralegals Martha Morrow and Elly Fablo.
As legal adviser to Hercules Site Services for the past two-and-a-half years, it’s been exciting to guide the company on its journey from IPO and AIM to this point where it has successfully attracted the investment it needs to fund further growth. The fundraise is especially exciting, as it brings new strategic investors onto the register.Jonathan Morris
Partner
Jonathan Morris said: “As legal adviser to Hercules Site Services for the past two-and-a-half years, it’s been exciting to guide the company on its journey from IPO and AIM to this point where it has successfully attracted the investment it needs to fund further growth. The fundraise is especially exciting, as it brings new strategic investors onto the register.”
Brusk Korkmaz, Hercules’ chief executive officer, said: “We are delighted to have raised these funds from two successful entrepreneurs and institutional investors which will be used to further grow Hercules through both organic expansion and acquisitions, with the aim of driving profitability in the long run.
“We believe the improving macro-economic environment means that the infrastructure and construction sector will go from strength to strength in the short to medium term, while the long-term outlook for the sector continues to be positive. The company is now well positioned to take full advantage of these encouraging tailwinds.”
Hercules’ most recent results show that in the year ended September 2023, year-on-year revenue increased by 70%, from £49.5 million to £84.6 million.