I purchased a cheepo vacuum cleaner for cleaning machines and it lasted about 4 minutes before it became clogged and gave up so I put together a better solution.
I found a numatic 2KW vacuum cleaner on ebay and managed to pick it up for £20 (when I checked these are a £400 machine). It produces a good suck but it is not really designed for oily swarf so I built a cyclone to put in the line prior to the vacuum cleaner.
This terrible picture shows the vacuum clear with the cyclone in line

The red bits were 3d printed to fit 38mm numatic fittings

This shows what the cyclone caught after a quick whizz around the shed as well as the construction (inc Ronseal tub - does more than it says on the tin!)

This is what made it into the Vacuum cleaner

Seems to do a good job. The only modification I need to make is to strengthen the white tub with a reinforcing ring as when the nozzle blocks then the tub implodes due to the power of the cleaner!
This setup in conjunction with one of those magnetic wands should keep the swarf at bay.