Place the eschalot, bay leaves, peppercorns and the wine in a small saucepan and place on a low flame until only a bit of liquid is left and a slight glaze appears on the bottom of the pan (approx. an hour).
Add the cream to the wine reduction and reduce further on very low heat.
Turn the heat up on the wine/cream reduction for just a minute and then remove the saucepan from the heat all together.
Using a wooden spoon, stir in butter cubes about 5 at a time. Do not add more until the others have completely melted (very important that you constantly stir at this stage).
Add the remaining butters 5 at a time and strain the entire sauce through a fine sieve.
If you are adding your own ingredients such as herbs, spices or juices, this is the point at which to add them.
Taste for seasoning and serve or keep warm in a Bain Marie (sauce can not be used again once cooled, so time it well).