So it turns out the AA chap had it right from the outset.
The auxiliary belt snapped and a piece managed to get into the timing belt mechanism, resulting in massive internal damage to the engine.
A new engine has now been fitted under warranty, which is currently going through the final bit of testing.
They've also replaced the entire auxiliary belt mechanism as they couldn't work out what caused the belt to snap. At least that's what they're telling me.
Expecting to pick it up on Monday. I'll send an update on how it drives in the week.
I'm going to try and get a copy of the report that I assume was done as part of any investigation.