Heat oil in large saucepot or Dutch oven on medium high heat. Add beef; cook until well browned on all sides. Reduce heat to medium.
Stir in broth, tomato purée, Worcestershire sauce and garlic. Bring to a boil. Stir in thyme, bay leaf, salt and black pepper.
Reduce heat and simmer 45 minutes. Skim any fat from surface. Add potatoes; cook 20 minutes or until potatoes are almost tender. Add carrots, onion and celery; cook 20 minutes longer or until beef and vegetables are tender.