Even London Tunnels bypasses the London Stock Exchange

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

In an embarrassing U-turn, London Tunnels has appointed Dutch investment bank ABN Amro to manage the IPO on the Euronext exchange.

It is another blow to the London stock market, which has struggled to attract companies seeking to raise money by selling shares to new investors.

London Tunnels’ decision to eschew its home stock market will prove particularly painful given its name and heritage.

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

The hidden labyrinth also served as a covert telephone exchange during the Cold War. London Tunnels trumpeted its patriotic credentials in January when it revealed plans to raise £30m in the City, valuing it at £123m.

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

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Those words now ring hollow. London Tunnels declined to comment on its radical change. Its failure to gain planning approval to reopen the site and turn it into an attraction is understood to have deterred potential sponsors.

Sources say the Financial Conduct Authority, the city’s watchdog, refused to approve its prospectus, documents that highlight the risks and opportunities facing potential shareholders.

London Tunnels has already raised £10 million, and ABN Amro is tasked with bringing in more. ABN Amro has been contacted for comment. The FCA has been contacted for comment.