Pat the beef dry with paper towels. Toss it with the salt, pepper and flour until coated.
Heat 1 tablespoon of the oil in a Dutch oven or large heavy pot over medium-high heat. Brown half of the beef for 2–3 minutes per side, then move it to a plate. Repeat with the remaining oil and beef.
Reduce the heat to medium. Add the onion and cook for 4–5 minutes, scraping up the browned bits from the bottom of the pot. Stir in the garlic and tomato paste and cook for 1 minute.
Add the broth, Worcestershire sauce, thyme and bay leaves. Return the beef and any juices to the pot. Bring to a boil, then reduce the heat to low, cover and simmer for 1 hour.
Add the potatoes, carrots and celery. Cover and simmer for 40–45 minutes, until the beef and vegetables are tender.
Stir in the peas and cook for 2–3 minutes. Remove the bay leaves and season with salt and pepper.