Fixed!
I spent some time looking at the mysql config (memory, threads etc.) which didn’t really help.
Forcing IIS to cache all pages made things V speedy (but broke the site)
In the end i found this reference:
https://rietveld-ict.nl/slow-performance-mysql-on-windows-2012-with-iis-8/
Which pointed me towards editing the wp-config.php file from:
/** MySQL hostname */
define(‘DB_HOST’, ‘localhost’);
to
/** MySQL hostname */
define(‘DB_HOST’, ‘127.0.0.1’);
response times have dropped from ~1600ms to ~500ms