Preheat the oven to 150 C / Gas 2. Heat the oil in a large ovenproof dish over a high heat. Add a third of the beef and cook for 5 minutes until well browned. Set aside on a plate and repeat to brown the remaining meat.
Add the shallots to the pan. Stir-fry for 2-3 minutes or until just starting to colour.
Return the beef to the pan and add the remaining ingredients. Mix well, using a wooden spoon to scrape up any caramelised bits of meat from the base of the pan.
Cover with a lid and place in the oven. Cook for 3-4 hours or until rich and thick. Season with salt and pepper to taste.
Serve with rice or lashings of creamy mash, plus seasonal vegetables. Also delicious served with roast potatoes and garlic bread.