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Glad to advise that this issue hasn't reoccurred since the troubleshooting I did as advised in here.
Not sure which of the suggested or attempted solutions is the actual solution so hopefully it'll help someone else if they come across the same
Open the playstore > swipe left to right > settings > uncheck auto update apps > report back
Do not auto update apps > restart the phone > open play store > update all your apps > check which app has an error
Manually updated the apps but no error message received as per above advice
Note that since I disabled auto update yesterday as per your first response, I've yet to get the Failed Download error message. That's not to say it won't return though (??)