Heat a large pan and add the oil followed by the smoked bacon trim.
Cook on a medium heat until deep golden brown and the fat has rendered.
Add the onions, carrots, mushrooms and garlic and sweat until soft and caramelised.
Stir in the paprika, tomato purée, thyme and the white wine, scraping the bottom of the pan to deglaze.
Throw in the peppercorns and reduce by half. Then add the water and simmer for 90 minutes.
Pass the stock through a fine sieve, pressing to extract as much liquid as possible. Leave this in the fridge overnight or until the fat has solidified on top.
Lift the fat carefully off the stock with a spoon and reserve. Put the stock in a medium pan and bring to the boil, turn off the heat
Then add the bacon fat, butter, lemon juice & vinegar, blend with a hand blender until fully emulsified
Taste for seasoning and adjust, if necessary. Great served with cod.