Heat the oil in a large, heavy-based frying pan and cook the drumsticks and bacon over a high heat for 5 minutes. Add the shallots and mushrooms and cook for a further 5 minutes, turning the chicken and shallots, until golden all over. Add the flour and toss to coat, then add the thyme.
Pour in the wine and stock and bring to the boil, stirring continually to distribute the flour evenly within the sauce. Reduce the heat and simmer, uncovered, for 15 minutes until the chicken is cooked through.
Garnish the coq au vin with thyme sprigs and serve ladled on to hot mashed potatoes in warmed serving bowls.