Heat oil in a large saucepan over medium-high heat. Dredge meat with flour and sear in the hot pan in batches. Set aside.
To the remaining oil in the pan, saute onion for 3-4 minutes or until soft. Add carrots and potatoes, stir. Season with salt and pepper, stir for 1-2 minutes.
Place meat on top of the vegetables. Pour over chicken stock, Worcestershire sauce and thyme. Cover the pan and bring to the boil. Reduce heat to low and simmer for 2 to 2 1/2 hours or until meat is very tender. Serve warm with bread.