Season the flour with salt and pepper and use to coat the beef. Heat the oil in a large, flameproof casserole and fry the meat in batches until browned, draining each batch to a plate. Add the bacon and onion to the casserole and fry for 5 minutes.
Return all the meat to the casserole with the garlic, orange rind, carrots, thyme sprigs, wine and stock. Bring almost to the boil, then cover with a lid and transfer to a preheated oven, 160°C (325°F), Gas Mark 3, for 1¼ hours or until the meat is very tender.
Put the olives and sun-dried tomato paste in a blender or food processor and blend very lightly until the olives are chopped but not puréed. Stir into the casserole and return to the oven for a further 15 minutes. Check the seasoning and serve with crusty bread, beans or mashed potato.