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:

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.