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@h2o
I work around the corner from there - it's hardly the den of iniquity people are making it out to be. And it's quite a busy area, by Clerkenwell standards, even if most punters are at the pubs on the square rather than at the Horseshoe.
There are people trawling around with allen keys looking for saddles to steal. I tried to chase a guy off from stealing someone's Brooks opposite the Soho Curzon once - he was hiding what he was doing with a big golf umbrella. Unfortunately he came back while I was in the cinema. He had a bag of tools and stolen bits, as I recall.
There's no reason why such people couldn't just lurk on the site looking for details of events - it'd be the smart thing to do, even, were you a thief.
Old chain in an inner tube round the saddle has worked for me so far, btw.