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Preheat the oven to 170C/325F
Melt the butter and vegetable oil in a medium sized casserole or sauce pan and fry the lamb pan until lightly browned all over (about 3-4 minutes). Spoon the lamb into a bowl, then add the onions to the pan and cook for 3-4 minutes, stirring regularly, until soft.
Add the lamb back in, then stir in the flour, cooking for a minute. Add in the stock, bay leaves, salt, pepper and Worcestershire sauce. Give everything a stir, bring to a gently bubble. Then place a lid on it and cook in the oven for 30 minutes.
After 30 minutes, stir in the carrots. At this point, you can transfer the contents of the pan to a casserole or pie dish if you wish (I moved mine to a 25cm diameter pie dish). Top with the sliced potatoes. Start from the outside, and layer the potatoes, moving towards the centre.
Brush the top of the potatoes with the melted butter and sprinkle on the dried thyme. Cover with a lid or foil and place back in the oven for 1 hour.
After an hour, turn the oven up to 200c/400f and remove the lid. Cook for a further 30 minutes until the potatoes are browned and crisp on top.
Take out of the oven, and leave to rest for 5 minutes or so (it will be very hot), then serve with some green veg.