Wash your 4 medium peaches and cut 3 of them into wedges, leaving the peel on.  Set aside.
4 medium peaches
Take your fourth peach and cut it into chunks.  Place it in a blender along with the 1/4 cup  orange juice and puree until smooth.
1/4 cup  orange juice
In a medium size frying pan melt the 45 grams butter.  Once the butter is melted, add the sliced peaches, 1/4 cup packed brown sugar and the peach and orange juice puree to the pan.  If using the Metaxa, add 2  tbsp Metaxa to the frying pan at this point as well.
45 grams butter, 1/4 cup packed brown sugar, 2  tbsp Metaxa
Cook over medium heat, stirring regularly to prevent sticking and to ensure that all peach wedges get coated in the butter and brown sugar mixture.
Cover the skillet with the lid of a large pot to create some steam while cooking; this will help soften the peaches.  
When your peaches are soft, and the syrup is a thick consistency, remove the pan from the heat and allow to sit, covered, while you cook your pancakes.