Season the beef cubes with ½ teaspoon salt and ½ teaspoon black pepper.
Heat a 5-quart Dutch oven over medium heat. Add in the bacon and cook until it is crisp, 5 to 8 minutes.
Using a slotted spoon transfer the bacon to a large plate leaving the fat in the pot. Turn heat to medium-high, then sear the beef cubes in batches in the hot fat. About 2 minutes per side until browned, 4 minutes total. Use tongs to remove the beef to the plate with the bacon, leaving fat in the skillet. Continue to cook beef in batches until it has all been browned. Turn the heat down to medium, then add in the onions, celery, and carrots. Cook, stirring occasionally until lightly browned, 5 to 7 minutes. Add in garlic and cook for 1 to 2 minutes.
Add tomato paste and cook for another minute or two.
Pour in beer and stir with a hard spatula or wooden spoon to deglaze the pan by scraping up any browned bits of food off the bottom of the pot. Cook for 4 minutes.
Next, add back in the beef, bacon, and any juices from the plate.
Add thyme, sugar, ½ teaspoon salt and ½ teaspoon pepper. Stir to combine then pour in beef broth. Bring stew to a gentle simmer, then reduce heat to low and cover the pot. Simmer stew until beef is tender, about 2 hours. Occasionally skimming off any fat or foam. Remove the lid and raise heat to medium-high. Bring stew to a low boil and cook until stew has slightly thickened, about 15 minutes. Remove and discard thyme sprigs.
Add in peas and cook for 4 to 5 minutes. Serve over mashed potatoes.
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