Hercules Site Services plc has raised £8m from a sale of new shares.
The funds have been raised from two entrepreneurs as well as institutional investors and will be used to strengthen Hercules’ balance sheet.
The new investors are Martin Tedham , the owner and chairman of Swindon-based packaging firm Wasdell Group, and Ged Mason, chief executive of rival recruitment firm Morson International.
In addition, an aggregate 6,060,606 Ordinary Shares have been sold by Hercules Real Estate Limited to Wasdell Packaging Limited, bringing Hercules founder Brusk Korkmaz’s shareholding in the property arm to below 50%.
In connection with the connections, Martin Tedham has joined the board of Hercules.
Hercules chief executive Brusk Korkmaz said: “We are delighted to have raised these funds from two successful entrepreneurs and institutional investors which will be used to further grow Hercules through both organic expansion and acquisitions, with the aim of driving profitability in the long run.
“We believe the improving macro-economic environment means that the infrastructure and construction sector will go from strength to strength in the short to medium term, while the long-term outlook for the sector continues to be positive. The company is now well positioned to take full advantage of these encouraging tailwinds.
“I am also very pleased to welcome Martin Tedham to the board and Ged Mason to the company’s share register. Both have provided significant investment to the company, and we are delighted they share our belief in the trajectory and potential of Hercules.”
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