Preheat your oven to 160°C (320°F). In a large bowl, season the beef cubes generously with salt and pepper. Toss the beef with 2 tablespoons of flour, ensuring each piece is evenly coated. This will help thicken the stew later.

In a heavy bottomed pot or Dutch oven, heat a tablespoon of olive oil over medium heat. Add the diced bacon and cook until crisp. Remove the bacon with a slotted spoon and set it aside, leaving the rendered fat in the pot for flavour.

Increase the heat to medium-high. In batches, sear the beef cubes in the bacon fat until browned on all sides, about 4-5 minutes per batch. Do not overcrowd the pot. Transfer the seared beef to a plate and continue until all the meat is browned.

In the same pot, reduce the heat to medium and add the chopped onions, carrots, and minced garlic. Cook for 5-7 minutes, stirring occasionally, until the onions are soft and golden. Add the tomato paste and cook for another 2 minutes to deepen the flavour.

Return the beef and bacon to the pot. Pour in the red wine, using a wooden spoon to scrape up any browned bits from the bottom (these add rich flavour). Add the beef broth, bay leaves, thyme, and a pinch of salt and pepper. Stir well to combine all the ingredients.

Cover the pot with a lid and transfer it to the preheated oven. Let it cook for 2.5 to 3 hours, or until the beef is tender and the flavors have melded. Check halfway through the cooking time and stir to ensure the meat remains submerged in the liquid.

While the stew is cooking, melt 2 tablespoons of butter in a skillet over medium heat. Sauté the mushrooms and pearl onions until golden brown, about 10 minutes. Season with a little salt and pepper. Set aside to add later.

Once the beef is tender, remove the pot from the oven and stir in the sautéed mushrooms and onions. Simmer the stew on the stovetop for another 10-15 minutes to allow the flavors to combine fully. Adjust seasoning to taste. Serve the Boeuf Bourguignon in bowls, garnished with fresh parsley, alongside crusty bread or mashed potatoes to soak up the rich sauce.