Been digging deeper into MOSS backup’s and came across the following error when trying to do a backup in MOSS central administration.

“Error: Object MOSSContent failed in event OnBackup. For more information, see the error log located in the backup directory. SqlException: Cannot open backup device ‘c:\mossbu\spbr00040000018.bak’. Operating system error 3(error not found).”
BACKUP DATABASE is terminating abnormally.

Found quite a lot of articles relating to assigning security rights to the backup folder and sharing it out which I followed, but this still did not stop the errors. Then I came across this suggestion to use a UNC path for the location of the backup and voila – issue sorted.