When Walter Bugno got a call out of the blue at his home in Monaco in 2019 from his long-term acquaintance, Dominic Galati, about becoming involved with a start-up initially focused on specialist baby formula, he thought it was a no-brainer.

Neither had operated any business in that space before, but Mr Bugno – a former managing director of Tim Tam owner Campbell Arnott’s and an ex-boss of pokies operator IGT  International – knew a good idea when he heard one.