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I recognised the location when you posted and as I went past recently I saw someone had locked to it for the first time since. Someone's come along with gaffa tape and tried to cover the cut while making it look a bit like more reflective patches. Tore it off to make it more obvious again.
I'll contact Southwark Council tomorrow to report it, but will also keep an eye on the gaffa when I pass.
Warning - my pal has seen some racks having been cut in Camberwell...