Tool hire group HSS has announced plans to raise £54m through firm placing and open offer. Three of its major shareholders have committed to subscribe around £43.5m for company shares as part of the fundraising. The business said in a statement that revenues had now returned to some 90 per cent of 2019 levels with a notable acceleration in its digital activities. It had however been faced with significant disruption due to the impact of Covid-19 which had affected its 2020 revenues.
HSS intends to use the capital to continue with its investment in its technology platform, for its hire fleet, and to repay some £15m of debt.
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