Heat a large pot over medium heat. Add the beef stew meat and cook until browned on all sides.
Add the diced onion, sliced carrots, sliced celery, and minced garlic. Stir and cook for a few minutes until the onion softens.
Stir in the tomato paste, dried thyme, salt, and black pepper. Cook for one minute to combine the flavors.
Pour in the beef broth and add the bay leaves. Bring the mixture to a gentle boil.
Add the cubed potatoes. Lower the heat, cover the pot, and simmer until the beef and potatoes are tender.
Remove the bay leaves. Taste and adjust salt and pepper if needed.
Ladle the stew into bowls and serve with slices of crusty bread for dipping.