Prep Beef: Pat dry the beef cubes with paper towels, then toss with flour, salt and pepper.
Cook the Beef: Add the olive oil to a large Dutch oven or heavy bottomed pot and heat over medium heat. Add the prepared beef and brown on all sides, working in batches if necessary. Transfer the beef to a plate and set aside.
Add Ingredients: To the same pot, add a bit more olive oil if needed, then add the onion, celery, carrots and stir. Cook for about 5 minutes or until the onion softens and becomes translucent. Add the garlic, tomato paste, sugar and stir. Cook for another 30 seconds until the garlic is aromatic and tomato paste has darkened.
Braise: Pour in the beef broth, Worcestershire sauce, wine and stir. Add the beef back to the pot and the bay leaves and fresh thyme. Bring to a boil then reduce the heat to a simmer. Cook covered for 1 hour and 30 minutes, or until the beef is fork tender.
Add Potatoes: Stir in the potatoes and cook covered for another 20 minutes or until the potatoes are fork tender.
Finish and Serve: Remove the bay leaves and thyme sprigs. Garnish with parsley and serve.