Place the flour in a large bowl. Season the flour with salt and pepper. Add the beef, toss to coat well.
Melt 2 tablespoons of butter in a large heavy bottom pot over high heat. Working in batches, add the beef to pot and sauté until brown about 5 minutes. Return to pot. Add the red wine, making sure to scrape the bottom of the pot. Reduce wine by half. Add the broth, thyme and bay leaves. Cover and simmer beef for 45 minutes.
In a large skillet over medium high heat melt 2 tablespoons of butter. Add the onions and sauté until golden brown then add the mushrooms and sauté for 2 minutes. Add the garlic, carrots and potatoes. Season the vegetables for 5 minutes.
Transfer the vegetables mixture to beef pot and mix well. Cover the pot and simmer for 30 minutes until the beef and vegetables are tender. Uncover the pot and bring to the boil until stew thickens to a sauce consistency. Add parsley and season with salt and pepper.