Thanks guys for the info and advice. Looks like I have a lot more research to do and perhaps look at ways of joining up with an existing AOC holder.
BoeingDreamer, I absolutely do not want to blow an extra £40k on the ATPL. Presently, I am intending to get my PPL, then fund hours, CPL, IR, ATPL exams with my current career and go the modular route. However there appears to be a strong sentiment (backed up by a friend who flys for an airline) that the airlines "don't like" modular ATPL pilots.
I recently saw a FlyBE/FTE scheme which was circa. £90k for a fATPL + bond for type rating. I couldn't see what it gave the prospective student that a circa. £35k fATPL course with the same school would have given, other than the "integrated" badge and security of a job at the end of it.
My master plan was to go the Modular route but it seems that could be a waste of time and money, especially if I don't also invest in multi-thousand hours of flying time. So then I started thinking about setting up my own charter/taxi/pleasure flight company to build hours until I discovered the AOC stumbling block.
Maybe I should wait again for an airline affiliated scheme, bite the bullet and apply and hope I'm one of the handful of the thousands of hopefuls that make it.