Heat oven to 350 (180C). Heat half of the olive oil in a dutch oven over a medium to high heat. Brown off all the beef and then tip it, along with the juices into a bowl.
Return the dutch oven to the heat, add the remaining olive oil and cook down the onion, carrots, celery and garlic until soft.
Add the red wine, beef stock, tomato paste, smoked paprika and thyme. Add the beef and juices. Season and bring to the boil.
Remove the dutch oven from the element. Place the lid on and place in the oven for 1 hour. Carefully remove from the oven, take the lid off and stir in the potatoes. Replace the lid and return to the oven for another 40 minutes.
Remove from the oven and allow to stand for 10 minutes before serving.