The elephant on a pole, and with a castle on its back, stands at the entrance to Broadgate, the former market place of Coventry, with its back to the Coventry Precinct and facing the steeple of the old cathedral. The multicoloured streamers have been hung as part of the 2021 City of Culture festivities. The elephant up a pole has given its name to a local morris side (morris dancing team) Link .
The elephant and castle appear on the city coat of arms and have been a symbol of Coventry since the Middle Ages. The pole was installed in 1948 as the Coventry Standard, and its history is explained in this geograph. Link
The building that this mosaic SP3379 : Mosaic detail in Cov Centre. decorates was originally the Locarno ballroom, hence the jolly design. The artist was Fred Millet.