Preheat oven to 325 degrees. Line a 9 x 13 inch baking pan with foil, extending the foil over edges of pan. Grease foil and set pan aside.

Melt 1 cup of the butter in a microwave safe bowl. Add the crushed pretzels and granulated sugar. Press the mixture firmly and evenly onto the bottom of the prepared pan.

In a medium saucepan combine the remaining 1/2 cup butter, cream and brown sugar. Cook and stir over medium-low heat until butter is melted and brown sugar is dissolved. Stir in the caramel and cook, stirring frequently, until caramels are melted and mixture is smooth. Stir in peanuts.

Quickly pour caramel mixture over crust, spreading evenly. Sprinkle with chocolate chips and toffee pieces.

Bake for about 25 minutes, or until edges are bubbly and lightly browned. Cool in pan on a wire rack. Using the edges of the foil, lift uncut bars out of pan and cut into squares.