Season the beef with some of the salt and pepper and coat with flour. In a casserole over medium-high heat, Saute the beef and shallots in the butter and oil until browned on the outside. Drain the oil from the casserole and stir in the tomatoes, water and stock cubes. Season with garlic, parsley, thyme and remaining salt and pepper. Stir in the red wine.
Cover and simmer for 1 1/2 hours before adding carrots, celery and potatoes. Continue to simmer until potatoes are tender, about 1 hour.