Beetroot Risotto with Lancashire Cheese

• 1 oz butter
• 2 tbsp olive oil
• 14.1 oz cooked beetroot (chopped into cubes)
• 2 shallots (peeled and finely chopped)
• 2 cloves garlic (finely chopped)
• 1 sprig fresh thyme ((only leaves))
• 30.4 fl oz chicken stock
• 8.8 oz risotto rice
• 4.2 fl oz dry vermouth
• 2 tbsp double cream ((optional))
• 3.9 oz pecorino (grated)
• 1 small handful fresh parsley (chopped (about 3 tbsp))
• salt and freshly ground black pepper

To serve:

• Lancashire cheese (grated (can be substituted by cheddar cheese))