Add flour to an extra large ziplock bag, along with a few generous pinches of salt and some fresh pepper. Add half of the beef cubes (which have been cut into small bites) to the bag, seal and shake until all the cubes are well coated.
Remove coated cubes and place into a large stovetop pot sizzling with 1 tbsp butter and 1 tbsp olive oil. Cook on medium heat, stirring as needed until the cubes are browned on all sides. Using a large slotted spoon, remove cubes to a large bowl and set aside.
Repeat steps one and two with the second batch of beef cubes.
At this point, the bottom of the pot will be covered in all sorts of glorious, yummy brown bits—the flavor. Add the red wine and deglaze the pan, vigorously scrapping the bottom and sides with a wooden spoon. Pour this wine glaze over the beef that has been set aside.
Back to the pot. Over medium heat, add the remaining tablespoon of olive oil and tablespoon of butter. Add chopped onion and carrots and sauté for a good 5-8 minutes, until the onions are translucent and the carrots are just starting to become tender.
Return the beef and wine glaze back to the pot. Add four of the six potatoes (cubed), the beef broth, bay leaf, sprigs of thyme, worchestershire sauce, and a few pinches of salt and pepper. Bring to a boil and let gently simmer for an hour and a half (stirring occasionally). During this time, the beef will become tender, the potatoes will break down and the stew will thicken.
Add in remaining potatoes and frozen peas. Simmer for another 30 minutes, until the newly added potatoes are cooked. Taste and add additional salt and pepper as needed. Remove bay leaf and thyme and serve hot with some really good bread and butter.