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Squatters who have taken over the historic Elephant and Castle pub today vowed to stay and said the occupation is a protest against the “gentrification” of the south London community.

The group took over the pub, which dates back more than two centuries, on Wednesday in an attempt to stop estate agent Foxtons opening up a branch.

The famous pub on the roundabout helped cement the area’s name and has been part of the community ever since the first written record of its existence in 1765.

But its licence was revoked in March following an assault after a customer was stabbed in the head with a pen.

Up to a dozen squatters, including European migrants, are now living there by exploiting a legal loophole which means police cannot remove them immediately from commercial property.

One squatter, a former university student, told the Standard the occupation is not just a protest against Foxtons but also the redevelopment and selling off of social housing on the nearby Aylesbury and Heygate estates.

He told the Standard: “Foxtons are a symptom of a horrible process that’s destroying people’s lives. They are profiting from other people’s misery because they want to sell on really expensive properties and one’s that have been sold off. It’s the front line of driving up property prices.”

Another squatter, from Italy, said: “The change will only come from struggle and mass movements against the selling off of social homes.”

Documents submitted in April on behalf of Foxtons show the estate agent requested change of use from Southwark Council to turn the basement and ground floor into a branch.

The council has 56 days, which has not yet expired, following the request to nominate the building as “an asset of community value”, which could halt the change of use and force it to be kept as a pub, bar or community space.

Southwark councillor Mark Williams said: “We are currently considering an application from the Walworth Society to list this pub as an asset of community value.”

Foxtons said: “We’re really looking forward to the prospect of opening an office right in the heart of Elephant & Castle and with Southwark Council’s regeneration programme this is an exciting time.”

The owner could not be reached for comment.