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I thought I would add the result of the Pharos Support incident here for others.
The resolution was the anti-virus, see the below link.
The error found in the Pharos Print Service log file was below.
Exception Type: System.IO.FileNotFoundException
Message: Could not load file or assembly 'PharosSystems.Library.Utility, Version=188.8.131.52, Culture=neutral, PublicKeyToken=0d9d57f6771d5752' or one of its dependencies. The system cannot find the file specified.
FileName: PharosSystems.Library.Utility, Version=184.108.40.206, Culture=neutral, PublicKeyToken=0d9d57f6771d5752
The file "PharosSystems.Library.Utility" should be in the "C:\Program Files (x86)\Pharos\Bin" directory.