In a large Dutch oven, sauté bacon until crispy. Remove from pan; drain and reserve.
Toss beef cubes in flour, then brown in Dutch oven in batches; reserve extra flour. Remove browned beef and reserve.
Add butter & thyme to the pan. Add mushrooms in batches and sauté until golden; remove and reserve.
Add celery, carrot and onion to pan and sauté until carrots are tender; about 7-10 minutes. Add garlic and remaining flour and sauté for another minute.
Return bacon, beef and mushrooms to the Dutch oven. Add equal amounts of beef broth and red wine to just cover. Simmer for 1-2 hours until meat is tender.