Slice the leeks lengthwise, fan apart under running water, rub between fingers to remove grit. Drain on a tea towel, slice thinly across.
Melt the butter and oil in a large heavy pot over low heat. Add the leeks and onion. Sweat slowly for 15 minutes, stirring occasionally. Do not brown.
Add the diced potato, stock and bay leaf. Bring to a gentle simmer.
Cover and simmer for 20 minutes, until the potato breaks easily under a fork.
Remove the bay leaf. Blend the soup in two batches in a stand blender (lid slightly ajar with a tea towel over the top) until completely smooth.
Return to the pot. Stir in the cream off the heat. Warm gently. Season with salt and white pepper to taste.
Ladle into bowls, swirl with extra cream, scatter with chives. Serve with crusty sourdough.