Reversing - Clunk

[BMWx5e53]

I'm getting a clunk when I am reversing in my e53 4.8is.
The clunk is coming from the front passenger side (UK Car).
The clunk happens regardless of steering position but tends to happen more often when I am reversing around a corner.

It started as a subtle clunk but now is noticeable as you can feel it in the car/cabin. It has been present for many months now.
Sway bars were replaced a few weeks ago - had no effect.

Drop links look in good order as these were done about 3k miles ago.

It has 20mm Spacers on the front alloys/wheels - unsure if that would affect it.