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Adapted from oliveandmango.com
Heat butter and oil in a large-sized pan or skillet over medium heat. Add the onions and let sauté for 5 minutes, stirring a couple of times. Add the thyme and continue to cook for 20-25 minutes on medium-low heat, stirring occasionally. If the onions start to caramelize too quickly, lower heat to the low setting. Once done scrape them into a separate bowl or plate and set them aside to cool.
Cook the bacon using the same pan. Heat it over medium/high heat. (Add 1 tsp oil if needed and if the pan is not non-stick). Add all the bacon except 2 tbsp reserving it to garnish the French toast before baking, and cook the rest until lightly browned. Remove from the frypan and drain on a paper towel.
In a large bowl whisk the eggs, milk, mustard, salt and pepper in a bowl. Place the bread in a large ziplock bag. Pour in the egg mixture, 1½ cups cheese and cooked bacon and the caramelized onions. Seal and massage the egg into the cubes. Set aside in the fridge for at least 30 minutes or overnight. (or toss all the ingredients together in the bowl with the egg mixture and cover with plastic wrap before refrigerating.)
Preheat oven to 350°F. Spray an 8-9 inch springform cake tin or a small to medium-sized casserole dish. Pour the bread mixture into the cake tin, pat it down a little to compress and then sprinkle the remaining uncooked bacon and remaining ½ cup cheese over top. Cover loosely with foil and bake on a baking sheet for 30 minutes, then remove the foil and bake for a further 20 minutes or until bubbly, fluffy and golden. Remove from oven and allow it to rest for 5 minutes before removing the springform and cutting into slices to serve. Garnish with parsley and black pepper.
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