London Tunnels goes Dutch

London Tunnels goes Dutch

HOLBORN TUNNELS: Soon to be converted in tourist attraction Photo credit: CC/John Pannell

A company ready to convert subterranean tunnels below High Holborn into a tourist attraction, no longer intends to float in London.

London Tunnels will now raise £30 million (€35.5 million) by listing on Euronext Amsterdam, with all the advantages of Europe’s equity and capital market.

The announcement was unexpected, City insiders said, as London Tunnels presented documents to the London Stock Exchange (LSE) in January with details of it plans.

It was fitting that the unique tunnels “built by the British government for the defence of Britain” should be listed in London, the company’s chief executive Angus Murray said at the time.

The passages 40 metres below High Holborn were built in the 1940s as air raid shelters during the Blitz in the Second World War but were never used for this purpose.  Instead, they housed the Special Operations Executive, a branch of MI6.

Decades later, during the Cold War, they were used as an international telephone exchange.

London Tunnels’ decision to snub the LSE follows the exit of Flutter – Paddy Power owner – to list in the US, along with UK chip designer Arm.  These disappointments were compensated by the recent London float of Raspberry Pi although Chinese clothing giant Shein’s £50 billion (€59.1 billion) LSE plans have yet to be confirmed.

Reuters reported that Shein had filed papers with the Financial Conduct Authority in early June although some sources close to the process claim that this could be cancelled as Beijing is “concerned” about the way Shein is viewed in the UK.

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Written by

Linda Hall

Originally from the UK, Linda is based in Valenca province and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share? Then get in touch at editorial@euroweeklynews.com.

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