To Mike, Steve, John and Piers plus anyone else who might have been looking at this thread, I thought I should provide an update...
With Steve's original advice, I went back to my local Lexus garage who said they would happily have the car back to perform some more detailed tests which they did FOC. They said everything pointed to the compressor being faulty.
I wasn't prepared to fork out £2k on a new one and so searched that well-known auction site for a secondhand solution. Was surprised that there was a few to choose from although it looks like the same compressor is used on a number of vehicles.
In the end I opted for a car spares place in Lithuania (I think much of their vehicles are ex-UK anyway) and paid £90 + £25 shipping via DHL, all of which they sorted.
My local Lexus garage were happy to swap the compressors over for me (for a couple of hours labour and some specialist oil) and I'm happy to say it all works brilliantly!
Thanks to all for the free advice and hopefully, as I learn more, I can chip in to help others.
David