Preheat the oven to 150°C (300°F) Gas mark 2. Heat the oil in a large casserole and fry the beef until browned all over – you may have to do this in batches.
Transfer to a colander set over a bowl when browned. Using the same pan, fry the bacon, onion, garlic and carrot for 3-4 minutes before adding the thyme, bay leaves, baby onions and mushrooms and cooking for a further 2-3 minutes. Return the beef to the pan along with the juices.
Stir in the flour and cook for 2-3 minutes then pour in the red wine and stock and stir in the tomato purée. Bring to the boil, and then place in the oven for 3 hours, until the beef is meltingly tender.
Serve with mash.
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