Thanks Myatu
So I remove the eth0:0 entry on the host /etc/network/interfaces
Add the failover IP to the guest /etc/network/interfaces select bridged in the guest network adaptor, attached to eth0 and enter in the virtual mac in advanced.
Sounds too easy haha, will give it a try.
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Yep that worked a treat many many thanks Myatu.
The only thing that didnt work was the auto lo eth0 bit in the config following this link
http://help.ovh.co.uk/BridgeClient restarting the network failed with that entry
So I just left it as auto lo