Cook the bacon to your preference, then set aside.
Using a round cookie cutter or a glass, cut rounds from two slices of bread. Butter both sides of bread as well as the circle cut-outs.
Heat a large, nonstick frying pan over medium heat.
Place the bread in the pan, topping the bottom slices with cheese and bacon. Toast both sides of the bread with the cutouts as well as the circle cutouts.
Once the top sides are flipped, gently break the eggs into the holes. Season with salt and pepper, then cover the pan and allow the egg to cook to your preference.
Once cooked, gently place the egg in the hole bread on top of the bacon and cheese.
Remove from the pan, allow to rest for 1-2 minutes, then slice and serve.