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@mcvw
Brief update... So the missus powered up the iMac earlier today (prior to last night it hasn't been used for over a year or so) and she said it took about half hour to get to the login screen (said the progress bar was creeping along very slowly and there was a faint ticking noise). I'm thinking the hard drive is on the way out - which is a common problem on iMac's of this age.
With a replacement hard drive I'd be looking at selling for £350ono - but would also let it go as is for less.