Plot to show WWII tunnels into vacationer attraction seeks London IPO
- London Tunnels plans to drift shares with fundraising goal of as much as £123m
An organization planning to revive and open secret Second World War tunnels in central London is about to develop into the City’s first IPO of the 12 months.
London Tunnels confirmed its intention to drift on Friday, with plans to lift £30million at a valuation of £123million.
It has already raised £10million from non-public traders.
London Tunnels plans on making a ‘digital realm’ in tunnels in central London
The firm is trying to flip unused walkways and shelters utilized in WWII into a global vacationer attraction.
Originally constructed within the early Forties, the Kingsway Exchange Tunnels in central London had been designed to shelter folks in the course of the Blitz.
It can also be thought to have impressed Ian Fleming’s description of ‘Q-Branch’ in James Bond.
CEO Angus Murray stated: ‘This unique set of tunnels, owned by a British company, built by the British Government, for the defence of Britain, that can further enhance London’s popularity as a number one vacationer vacation spot, ought to be listed in London. As a consequence we intend to announce our intention to drift on the London Stock Exchange.
‘The Admission of The London Tunnels to the London Stock Exchange offers both UK and International investors a chance to support, while owning part of, this unique irreplaceable heritage and cultural attraction located in Central London.
‘We envisage the London Tunnels achieving the same iconic status in London as the London Eye.’
The agency plans to create a ‘digitally curated realm beneath London’ utilizing immersive screens and interactive buildings.
It additionally plans to ‘transport’ guests to ‘iconic global landmarks’ such because the Amazon rainforest or the Great Wall of China.
Initially, nevertheless, the proceeds of the IPO will likely be used to safe planning permission for the venture from Camden council.
London Tunnels advised This is Money it expects to safe permission imminently.
Concept: London Tunnels envisages bar area
The agency then expects to welcome 2million guests per 12 months as soon as it has launched, which is presently scheduled for 2027.
The tunnels, which prolong beneath Holborn and Chancery Lane, will even be open of their present situation to small teams of tourists within the first three months of this 12 months.
It follows comparable developments throughout different elements of London, in Vauxhall, Shoreditch and Peckham, which have turned tunnels into bars and music venues.
