I eventually got round to stripping the end cap today, and there were indeed two drain holes at the base that would allow oil to return to the headstock. However, they were both clear! 🤦🏻♂️.
I tried it again, and the leak was present as normal. The only other thing I noticed was the collar had two grooves in which were at the bearing end. I reversed the collar so that the grooves were at the cap end and reassembled it.
I ran it at top speed for approx half an hour and there was no sign of a leak. I’m not entirely sure why this is the case, maybe the groove is helping to shed any oil that gets onto the spindle, but it appears to have made a difference.
I suppose only time will tell.
Thanks for all the help and suggestions