On Friday 4 February 2022 the ordinary shares Hercules Site Services plc, a leading technology enabled labour supply company for the UK infrastructure sector, were admitted to trading on the AIM market of the London Stock Exchange through an initial public offering. In conjunction with the IPO, SP Angel Corporate Finance LLP arranged a placing that raised funds totalling £8 million.
Of the total, £4 million was raised through the sale of shares to new institutional and other investors and another £4 million from the sale of part of the interest in the company held by the existing shareholder.
Hercules has secured a contract to supply labour to the northern section of the HS2 rail project from London to Birmingham and also supplies labour to a number of large infrastructure projects with a focus on the transport and utility sectors. The company plans to use the proceeds of the IPO to provide it with capital to ramp up for the HS2 project and also to fund the expansion of the company’s fleet of suction excavators which are in high demand for piling projects across the country.
We really appreciated Hill Dickinson’s advice during this transaction. They provided pragmatic commercial advice and managed the legal elements of the transaction very efficiently. They also helped us navigate the trickier elements of the IPO. We have built excellent personal relationships with their team and will certainly be working with them again in the future.Brusk Korkmaz
Chief Executive, Hercules
Hercules was advised on Admission by law firm Hill Dickinson, led by Corporate-Commercial partner Jonathan Morris assisted by associate Amy Grosvenor and solicitor apprentice Rianne Byott.
Commenting on the deal, Jonathan Morris said:
“Hercules is a very dynamic business that has grown rapidly over the last few years. We are very proud to have been part of the team that brought this entrepreneurial company to the market. We look forward to seeing the company go from strength to strength.”