Prepare the ingredients

• Cut the beef into 1.5-inch cubes and pat dry.
• Peel and cut the carrots, dice the white onion and chop the celery.
• Peel the pearl onions and quarter the mushrooms.

Render the bacon

• In a Dutch oven over medium heat, cook the bacon until crisp and the fat has rendered.
• Remove the bacon with a slotted spoon and set aside, keeping the fat in the pot.

Sear the beef

• Add the oil and butter to the pot and heat until foaming.
• Sear the beef cubes in batches until deeply browned on all sides.
• Set the browned beef aside with the bacon.

Sweat the vegetables

• Add the carrots, onion and celery to the pot and cook until softened.
• Stir in the garlic and cook until fragrant.

Build the stew

• Sprinkle the flour over the vegetables and stir to coat, cooking briefly.
• Return the beef and bacon to the pot.
• Pour in the wine and beef broth, then add the thyme, bay leaves, salt and pepper.
• Bring to a gentle simmer.

Braise the bourguignon

• Cover and transfer to the oven, or simmer gently on the stovetop, until the beef is fork tender.
• Stir occasionally and skim any foam from the surface.

Glaze the pearl onions and mushrooms

• Melt the butter with the sugar in a frying pan.
• Add the pearl onions and mushrooms and cook until golden and glazed.

Finish and serve

• Add the glazed pearl onions and mushrooms to the stew and simmer briefly to combine.
• Taste and adjust the seasoning, then serve hot.