New Post: Product List not displaying when logged out

I have a bit of an odd one here, when logged out the product list is not displaying but I can still see the product details. If I am logged in I can see both the product details and the product list.

I have the modules set up as a product catalogue and as such no prices displayed and simply have the email for price option enabled.

We have replaced our custom productlist.template with the standard default product.list, we have tried different page skins, we have checked the module settings and just can't work it out.

Any clues to point us in the right direction would be much appreciated.