In a large stock pot set over medium heat, melt the butter. Add the bacon and cook until the bacon begins to brown, about 8-10 minutes. Add the onions, celery, garlic, and bay leaf and sauté until the vegetables soften, about 5-7 minutes. Stir in the flour and cook for 2 minutes, stirring constantly. Add the potato mixture and reserved clam juice mixture and bring to a boil. Stir until thickened about 2 minutes. Reduce the heat to a simmer and add the clams, half and half, Worcestershire, and Sherry. Simmer for 5 minutes, stirring frequently. Season with salt, pepper, and optional hot sauce.