I noticed this billboard of a reproduced page from Pilgrim's Progress, in January 2015. The building behind the blue covers on the right is the former Baptist Church headquarters. I originally thought it was probably being demolished.
The location is the corner of Southampton Row and Catton Street, High Holborn, London.

Information received 2nd February 2015:

"The John Bunyan statue is still covered up with timber protection – therefore is not readily available to view.
Fašade cleaning works have taken place to Southampton Row on the whole, however details such as the John Bunyan statue are cleaned differently given the delicate nature. This is still to be done.
The statue will be fully visible towards the latter part of the year when the scaffolding and building banner wrap are removed."


The building is being rebuilt inside to be a hotel:
http://www.mclarengroup.com/casestudies/2-6-southampton-row/

See also the following article (which was presumably posted before the above information was available):

http://www.camdennewjournal.com/news/2012/apr/calls-save-john-bunyan-memorial-84-bedroom-hotel-planned-grade-ii-listed-building

See also: http://www.victorianweb.org/sculpture/garbe/9.html

 

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