1. Season diced beef with salt and pepper.
2. Heat 2 tablespoons olive oil in a large heavy-based casserole dish or saucepan (with a lid for later) over a medium-high heat. Add beef in batches and cook until well browned on all sides. Remove and set aside.
3. Heat 1 tablespoon oil and cook the shallots and mushrooms in batches for 5 minutes each or until browned. Remove and set aside.
4. Add remaining oil, onion, carrot, celery and bacon, stirring to combine. Cook for 5 minutes or until golden but not crisp, stirring occasionally. Add the garlic and flour for the final minute of cooking.
5. Return the beef to the pan with the wine, stock, thyme and bay leaves, stirring to combine. Slowly bring to the boil, then reduce heat to low and simmer, covered for 1.5 hours. Return the shallots and mushrooms to the pan and cook for a further 30 minutes or until meat is tender.
6. Serve beef bourguignon with baby new potatoes, tossed with a little butter and chopped parsley or creamy mash potato and steamed green beans

Note: Beef bourguignon makes a great pie filling!