REG - Hercules Site Svcs - Increase in Working Capital Facilities

Hercules Site ServicesAnnouncement

01/11/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231101:nRSA9340Ra&default-theme=true

RNS Number : 9340R  Hercules Site Services PLC  01 November 2023

1 November 2023

 

Hercules Site Services plc

 

("Hercules" or the "Company")

Increase in Working Capital Facilities

 

Hercules Site Services plc (AIM: HERC), a leading technology enabled labour
supply company for the UK infrastructure sector, is pleased to announce that
it has secured a new debt facility with IGF Business Credit Limited ("IGF") to
fund its continued growth and ongoing working capital needs.

This is a three-year invoice discounting debt facility for up to £15m (the
"ID Facility") and replaces an existing facility of £11m from a previous
provider. The Company believes that this increased funding capacity will
provide the headroom required to support its working capital needs over the
period of the facility and support continued growth.

Brusk Korkmaz, Chief Executive Officer of Hercules, said: "We are pleased to
secure this additional financial firepower as Hercules continues on its growth
journey. This new facility will allow us to deliver on our organic expansion
strategy within our existing equity capital base. We welcome this new
relationship with IGF, which demonstrates a strong vote of confidence in
Hercules and our future plans."

Steven Chait, Chief Executive Officer of IGF, comments: "We are thrilled to
partner with Hercules and provide the financial support to enable Brusk and
the team to continue their impressive growth trajectory. The tailored lending
solution will empower the future growth plans of the business, and we look
forward to supporting this journey."

Key terms of the ID Facility

·    Under the terms of the ID Facility, the Company's credit limit is
£15m, compared with the previous facility limit of £11m. The need for an
increased facility is reflective of the growth in demand across all business
divisions

·   This facility is available to all the three key areas of the Company's
activities: Labour Supply, Suction Excavator Services and Civil Projects which
is experiencing increased demand for its services driven by activity in the UK
water treatment sector

 

For further information and enquiries, please contact:

 

 Hercules Site Services plc                                                             c/o SEC Newgate

 Brusk Korkmaz (CEO)

 Paul Wheatcroft (CFO)

 SP Angel (Nominated Adviser and Joint Broker)                                     +44 (0) 20 3470 0470

 Matthew Johnson / Adam Cowl / Harry Davies-Ball (Corporate Finance)

 Bruce Fraser / Ezgi Senturk (Debt Advisory)

 Grant Barker / Rob Rees (Sales and Broking)

 Cavendish Securities plc (Joint Broker)                                           +44 (0) 20 7397 8900

 Adrian Hadden / Charlie Combe / Dale Bellis (Sales and Broking)

 SEC Newgate (Financial Communications)                                           +44 (0) 20 3757 6882

 Elisabeth Cowell / Ian Silvera / Matthew Elliott                      Hercules@secnewgate.co.uk

 

 

About Hercules Site Services PLC

 

Hercules is a leading tech enabled labour supply company for the UK
infrastructure sector. Founded in 2008, Hercules has an established track
record of profitability and fast-growth and has built a blue-chip customer
base which includes Balfour Beatty, Costain, Kier, Skanska, Dyer & Butler
and Volker Fitzpatrick. The Company has been appointed to provide labour for a
range of high-profile infrastructure projects, such as HS2, due to its agile,
innovative, digital first approach and complete service offering. It is
well-placed to benefit from any government increase in infrastructure spending
and its experienced management team has identified multiple opportunities for
growth.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFZMFGNMRGFZM