1. Pre-heat your oven on bake to 160°C.
2. Bring a large deep oven proof pan to heat with 2 tablespoons of oil.
3. Mix the flour, cayenne pepper, salt and pepper. Flour the diced beef in the flour mixture and place a handful at a time into your hot oiled pan. Fry in batches until all of the meat is well browned.
4. Pour in a fraction of the wine to deglaze the pan and remove any fried on bits of flour. Add in the vegies (bar the mushrooms) and brown for 2-5 minutes. Remove from pan and set aside.
5. Brown off the bacon, mushrooms, garlic and butter until the bacon is cooked through and the mushrooms reduced in size. Return the vegies to the pan. Add in the tomato paste and let caramelize for 3-5 minutes.
6. Add the remaining red wine and half of the Guinness. Let reduce for 10min. Return the meat to the pan; add in the remaining Guinness and thyme. Bring to heat.
7. Cover with tin foil and lid and place into pre-heated oven for 2 ½ – 3 hours.
8. Serve with soda bread or a side of creamy mash potato.