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Enterprise

HS2 labour supplier Hercules floats on AIM, raising millions

The firm's founder and chief executive said the IPO would enable the business to scale-up and expand

Hercules Site Services supplies labour to projects such as HS2(Image: MyLondon)

A Cirencester-based labour and construction services company has brought in £8m after floating on the alternative investment market (AIM).

Hercules Site Services raised £4m on its entry to the stock market, while its founder and chief executive, Brusk Korkmaz, netted another £4m.

The company, whose clients include Balfour Beatty and Kier, supplies labour to infrastructure, civil engineering, utilities, groundworks, highway and railway projects, including HS2, Crossrail and the M4 smart motorway.

Its market capitalisation on admission was nearly £30m, which will be used to scale its work supplying labour to the northern section of HS2. Shares were issued at 50.5p per share on entry to the market.

Mr Korkmaz, who set up the company in 2008, said: "Over the past 12 months we have achieved significant momentum and milestone contract wins, which has culminated in today's successful AIM listing."

According to Mr Korkmaz, the IPO will enable Hercules to capitalise on the "rapidly-growing opportunity" in the labour supply market.

He added: "The demand for skilled labour is higher than ever before due to the multi-billion infrastructure commitments made by the 海角视频 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 we are well-positioned to gain market share through organic expansion, cross-selling and acquisition opportunities."