Add 2 tbs of the olive oil to a large heavy based oven proof pan and when sizzling hot add small batches of the meat to sear. Set aside onto a plate when browned.
Add the sliced onion to the pan and brown. Take the pan off the heat, return the meat to the pan and sprinkle over the flour and stir to soak up the meat juices.
Add the red wine to the pan, stirring all the time. Add the thyme, chopped garlic cloves, bay leaf, salt and pepper
Cover the pan with a tight fitting lid and place into oven at 270° F (140° C) for 2 hours.
When the 2 hours cooking time is completed, fry the shallots and the bacon (cut into small strips) in the remaining olive oil. Add to the pan with the sliced mushrooms and return to the oven for a further hour.
Remove from oven and serve.
There are 435 calories in 1 serving of Beef in Red Wine.