Looks like it’s this lock ring. Apparently an early rack! Waiting for a response from the guys who refurbish them. Good news (for now) is it looks like the rest of the connections are dry.
Just to update those that might have issues like this. The place that 'repaired' it, well, they want more money to do it again and no warranty. It's out of the car now and off to Kiley Clinton, they seem like good chaps.
Yes, lots of positive feedback on here for Kiley Clinton. They refurbed my Griff rack a couple of years ago and I’d absolutely use them again for anything similar. I hope it gets sorted.