Pat the beef dry and season generously with salt and pepper.
In a large Dutch oven, cook the bacon until crispy. Transfer it to a plate and leave the rendered fat in the pot.
Brown the beef in batches until deeply caramelized on every side. Remove and set aside.
Add the mushrooms, pearl onions, and carrots. Cook for about 6–8 minutes until lightly browned.
Stir in the garlic and tomato paste. Cook for 1 minute.
Sprinkle the flour over the vegetables and stir well.
Pour in the red wine while scraping up all the browned bits from the bottom of the pot.
Add the beef broth, Worcestershire sauce, thyme, bay leaves, bacon, and browned beef.
Bring to a gentle simmer, cover, and cook over low heat for 2 to 2½ hours, stirring occasionally, until the beef is fork-tender.
Remove the bay leaves and thyme stems.
Taste and adjust seasoning if needed.
Sprinkle with fresh parsley and serve hot.