Construction News

Fri May 20 2022

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Hercules goes for AIM listing

20 Jan Labour-only subcontractor Hercules Site Services is seeking a listing on AIM, the London Stock Exchange’s alternative investment market.

Brusk Korkmaz, founder and owner of  Hercules Site Services
Brusk Korkmaz, founder and owner of Hercules Site Services

Hercules Site Services, founded by Brusk Korkmaz in 2008, is seeking to raise £5.5m to scale of its operations, in part to supply labour to the northern section of the HS2 rail project in the Midlands.

In addition, up to £4.5m will be raised for sole shareholder Brusk Korkmaz from the sale of part of his interest in the company.

The company is intending to raise new capital through the issue of ordinary shares to institutional investors by way of a placing and to UK retail investors through the commission-free PrimaryBid mobile app.

Hercules clients include Balfour Beatty, Skanska, Costain, Kier and Galliford Try. As well as labour supply, it provides certain other services considered to be complementary, such as suction excavators.

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Based in Cirencester, Hercules Site Services had a track record of revenue growth until the pandemic struck – from £9.7m turnover in its 2015 financial year to £30.7m in 2019. In the year to 30th September 2020 it made a pre-tax profit of £1.1m on reduced turnover of £23m but has bounced back, with £14.0m revenue for the first half of 2021.

Hercules CEO Brusk Korkmaz, now aged 42, said: “We have built Hercules to become a leading labour supply business over the past 13 years and our digital first approach has helped us attract major construction businesses to our client portfolio.

“Our proven and rapid delivery track-record has led to our work with our long-standing partner, Balfour Beatty, on HS2; this is expected to significantly step-change our growth in the next 12 months and beyond. The demand for skilled labour is higher than ever before due to the multi-billion infrastructure commitments made by the UK government and we are experiencing unprecedented demand for our services.

“Therefore, having identified multiple exciting growth opportunities, and proven the fast-growth and profitable nature of our business model, we believe that this is the right time to pursue an AIM listing. We are excited at the prospect of welcoming investors to our growth journey.” 

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