Heat olive oil over medium heat in a pot. Add onion and thyme. Sauté for 3-5 minutes or until onions are softened, but not browned. Stir in the minced garlic for 30 seconds, followed by the roasted red peppers. Continue cooking for a few minutes, stirring occasionally.

Pour in the wine and bring to a boil, then simmer until the liquid is reduced by half. Pour in the chicken stock and tomato paste. Give it a good stir and let simmer on medium-low heat for 10 minutes.

Remove the pot from the heat and use an immersion blender (or carefully pour hot contents into a traditional blender) and blend until thoroughly incorporated. Add the cream and blend for another few seconds. Return the contents to the pot if needed and heat for a few minutes on medium-low heat. Season with salt and pepper to taste. Top with some fresh basil and grated cheese, if desired.