Heat the oil in a pot or Dutch oven over medium-high heat. Sprinkle salt and pepper all over the beef. Add the beef in two to 3 batches to the pot and cook, turning occasionally, until brown all over; remove from the pot to a plate.

Melt the butter in the same pot over medium heat. Add the onion. Cook, uncovered, stirring occasionally, for 20 minutes or until the onions are a dark brown color.

Sprinkle the onion with flour. Stir for a minute or two to cook the flour. Add the wine and stir until smooth and the flour is ‘cooked’ – a couple of minutes will be enough for the flour although it won’t change in color.

Slowly pour in the broth, stirring to make sure there are no lumps. Then add the thyme and bay leaves to pot along with the beef; stir to combine. Bring to a simmer. Reduce the heat and cook, covered, on medium-low for 1 1/2 hours, stirring occasionally. If it is bubbling too much, reduce the heat to low. This will depend on your cooktop. Remove the lid and cook a further 20 minutes, stirring occasionally, until the sauce is thickened somewhat.

Remove the bay leaves and discard. Add the sherry and stir to combine.

Preheat oven to 400°F (200°C). Line a baking sheet with parchment paper. Place baguette slices on a parchment-paper lined baking sheet. Arrange the bread in a single layer. Toast for 10 minutes until golden.

Spoon the beef mixture into a heatproof dish*. Arrange the bread slices over the beef. Sprinkle with both cheeses. Bake for 15 to 20 minutes until the cheese is melting and bubbling. You can always pop it under the broiler for a minute or 2 to brown further. Let it stand for 5 minutes before serving. Garnish with extra thyme if desired. Serves 6 to 8.