Pest guzzling old boy’s cold stew (9)

I believe the answer is:

lobscouse

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'stew' is the definition.
(I know that lobscouse is a type of stew)

'pest guzzling old boy's cold' is the wordplay.
'pest' becomes 'louse' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'guzzling' indicates putting letters inside (I've seen this in other clues).
'old boy's' becomes 'OBs' (abbreviation for a private school 'old boy').
'cold' becomes 'C' (eg on taps).
'obs'+'c'='obsc'
'louse' enclosing 'obsc' is 'LOBSCOUSE'.

Can you help me to learn more?

(Other definitions for lobscouse that I've seen before include "sailor's dish" , "Stew associated with Liverpudlians" .)

I've seen this clue in The Times.

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