Even London Tunnels avoids the London Stock Exchange

A company hoping to turn a secret network of World War II tunnels in London into a major tourist attraction has abandoned plans to list its shares in the City and is instead listing them in Amsterdam.

In an embarrassing turn of events, London Tunnels has appointed Dutch investment bank ABN Amro to handle its IPO on the Euronext.

It’s another blow to London’s stock market, which is struggling to attract companies looking to raise money by selling shares to new investors.

London Tunnels’ decision to shun its home stock market will be particularly painful because of its name and heritage.

The network under Holborn and Chancery Lane tube stations was built as a shelter during the Blitz and was later used as an office by Sir Winston Churchill’s Special Operations Executive, the forerunner of the MI6 intelligence service.

The hidden labyrinth also served as a secret telephone exchange during the Cold War. London Tunnels showed off its patriotic credentials in January when it unveiled plans to raise £30 million in the city and value it at £123 million.

“This unique series of tunnels, owned by a British company, built by the British Government, in defense of Britain, which could further enhance London’s reputation as a leading tourist destination, should be on the London list,” said CEO Angus Murray.

Those words ring hollow now. London Tunnels declined to comment on the reversal. The company has not yet received approval for its plan to reopen the site and turn it into a tourist attraction.

Sources said the Financial Conduct Authority, the city’s watchdog, was prepared to approve the IPO, but the company preferred to list the shares without raising new money.

London Tunnels has already raised £10 million, and ABN Amro is tasked with raising even more. ABN Amro was contacted for comment. The FCA was contacted for comment.