The Company hadn't been very lucky with its livery halls, as the previous hall was destroyed in the Great Fire of London and subsequently rebuilt on the site where the station now stands in 1690. The erection of the statue was designed to symbolically mark 400 years since the granting of the Plumbers' royal charter by James I.
For more, see http://www.heatingandventilating.net/news/news.asp?id=9070
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