Toss the beef chunks with the flour, salt, and black pepper to coat evenly.
Heat olive oil in a large pot over medium-high heat and brown the beef pieces in batches until all sides are nicely seared; remove and set aside.
Using the same pot, cook the diced onion until it becomes soft and translucent, then add the minced garlic and stir for about one minute.
Mix in the tomato paste and let it cook for two minutes, then pour in a small amount of beef broth to scrape up any browned bits from the bottom.
Put the browned beef back into the pot, then add the potatoes, carrots, remaining beef broth, Worcestershire sauce, bay leaves, and dried thyme.
Bring the mixture to a rolling boil, then lower the heat to a gentle simmer. Cover the pot and let it cook for 2 to 2.5 hours, until the beef is tender and vegetables are cooked through.
Take out the bay leaves, taste the stew, and add extra salt or pepper if needed before serving.