My thoughts exactly the only other thing I thought about is, do they do that grinder in 110v maybe the wrong cap has been fitted previously (or from new even) and because it is 240v thats what they stuck in ? I think it is the centrifugal switch welded together.Or worse, not getting switched out. That will blow the cap.
Generally yes BUT that is not guaranteed, As EIL says run it with the clamp on on the switch wire to the cap and see if it is A/ drawing power on run up and B/ switching out at high revs.Am I right in assuming that as I can hear a click when it is slowing down after being turned off that the centrifugal switch is working OK

Only if the system is working correctly and we know it isn't ?Assuming you have a centrifugal switch on the motor (since you think you can hear a click of it closing when slowing down) clamp around one of the wires on the capacitor and start it up. It should show a quick spike in current

