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Blitz the bread in a small food processor until you have large breadcrumbs. Drizzle the olive oil into a frying pan over a high heat, add the breadcrumbs along with the oregano and fry for 4-5 mins until golden brown. Transfer to a plate and set aside to cool.
Meanwhile put 300ml water, the garlic, most of the basil, red peppers, tomatoes, sugar, vinegar and chipotle paste in a jug blender. Blitz on a low speed and slowly increase the speed to maximum until you have a smooth gazpacho. Season and chill until ready to serve.
Ladle into bowls, sprinkle over the breadcrumbs and scatter over the reserved basil leaves to serve.