Cirencester workforce supplier raises £8m as Pharma and recruitment bosses take stakes
Hercules Site Services plc, the Stock Exchange-listed labour supply company for the UK infrastructure sector, has raised around £8 million via a placing and subscription will be used to strengthen the company's balance sheet and provide funds to pursue possible acquisitions in the future.
Martin Tedham, owner of Swindon-headquarteredspecialist pharmaceutical packaging supplier Wasdell, and Ged Mason OBE, boss of recruitment firm Morson Group, subscribed to the round.
Martin Tedham has now beed made a Non-Executive Director of Hercules.
Martin bought Wasdell in 2009 when the company was turning over £2.3 million and it now supports customers from clinical to commercial supply, with a particular focus on flexible, small batch packaging and oral liquid manufacturing. In the year ended April 2024 the Wasdell Packaging Limited generated more than £75 million of revenue.
Ged has been Chief Executive of Morson Group since January 2005, following his role as Managing Director from 1999. He originally joined Morson International in 1986. Last year, he won the Mercury Hall of Fame Award for his long-standing contribution to the recruitment industry.
Brusk Korkmaz, Hercules' founder and Chief Executive Officer, 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."
