Cut the bread into slices, then cut each one into 2.
Smear the bread slices with a mixture of the butter, mayo and ketchup.
Arrange the slices in a wreath shape in a buttered oven dish. Stick round slices of sausages and grated cheese between them.
Sprinkle the shaped wreath generously with cheese and beaten eggs.
Bake at 356°F (180 °C) for 20 min. until the cheese melts and takes on a golden color.