Preheat oven to 285°F (140°C).
Heat 1 Tbsp of oil in a large oven-proof casserole. Add the bacon, cook over medium heat. Add the onions and garlic. Lower the heat and cook until the onions are golden.
Put flour on a plate. Add in the chunks of meat and toss around until they are lightly covered.
Heat another Tbsp of oil in a frying pan over high heat. Brown the meat chunks until they are crusty all over. You might have to brown in batches depending on the size of your frying pan.
Transfer browned meat to the onion casserole.
Pour the glass of red wine into the hot pan and gently scrape the bottom of the pan until all the good stuff is swimming in wine.
Pour the wine-good stuff mixture into the casserole with the meat and onions. Add the carrots and celery and stir well.
Add the Worcestershire sauce, the tomato paste (concentrate) and 500 ml of boiling water to the pan. Follow up with the bay leaf and the thyme.
Bring the liquid to a boil then cover the pan and put in the oven.
Cook for about 2 hours.
Serve with potatoes prepared in your favorite manner.