Preheat the oven to 160ºC. Place the beef on a plate and sprinkle over the cornflour. Season with salt and black pepper and toss to coat the beef all over.
Spray a large frying pan with low calorie cooking spray and place over a medium high heat. When the frying pan is hot, add the beef and fry for about 3-4 minutes, turning, to seal and brown on all sides. Place the beef in a large casserole dish.
Lower the heat to medium and spray the frying pan again with low calorie cooking spray. Add the bacon, scraping up any meaty bits from the bottom of the frying pan and stir in. Fry the bacon for 4-5 minutes until cooked and lightly browned around the edges. Add the bacon to the beef in the casserole dish.
Spray the frying pan again if needed and place on a medium heat. Add the onion and fry for 5 minutes until softening and golden, again scraping up any meaty bits in the frying pan and stirring in. Add the garlic and cook for a further 1-2 minutes.
Add the carrots and mushrooms and cook for 4-5 minutes to lightly brown. Add the vegetables to the casserole dish.
In a measuring jug, mix the hot stock, red wine stock pots, tomato puree, balsamic vinegar, Worcestershire sauce, parsley, thyme and bay leaves. Stir until the stock pots have dissolved. Pour into the casserole dish and stir into the beef and vegetables.
Cover with a tightly fitting lid and place in the preheated oven for 2-2 1/2 hours. Check occasionally to make sure the stew isn't drying out and add a little more water if needed. The stew will be ready when the beef is tender, and the gravy has reduced and thickened. Season to taste if needed.
Remove the bay leaves and serve with steamed vegetables or other accompaniment of your choice.