Sear the Beef: Pat your beef chunks dry and season generously with salt and pepper. Select the 'Sauté' function on your Instant Pot and set it to high. Add 1 tbsp of olive oil. Once hot, brown the beef in two or three batches, ensuring not to overcrowd the pot. Cook for 3-4 minutes per side, until a deep brown crust forms. Transfer the seared beef to a plate and set aside.

Sauté the Vegetables: Add the remaining 1 tbsp of olive oil to the pot. Add the chopped onions, carrots, and celery. Sauté for 6-8 minutes, stirring occasionally, until the onions have softened and are turning translucent.

Build the Flavour Base: Add the minced garlic and tomato purée to the vegetables. Cook for another minute until the garlic is fragrant. This step cooks out the raw taste of the tomato purée.

Thicken and Deglaze: Sprinkle the plain flour over the vegetables and stir well to combine. Cook for one minute to cook off the floury taste. Pour in the red wine to deglaze the pot. What works best for me is using a flat-edged wooden spoon to scrape up all those flavourful browned bits from the bottom. Let the wine bubble and reduce by about half, which takes 2-3 minutes.

Combine Ingredients: Turn off the 'Sauté' function. Return the seared beef and any accumulated juices to the pot. Add the beef stock, Worcestershire sauce, bay leaves, dried thyme, and the chopped potatoes. Give everything a good stir to combine.

Pressure Cook: Secure the lid on the Instant Pot, ensuring the steam release valve is set to 'Sealing'. Select the 'Pressure Cook' or 'Manual' setting, set the pressure to high, and set the timer for 35 minutes.

Release the Pressure: Once the cooking cycle is complete, let the pressure release naturally for 10 minutes. After 10 minutes, carefully move the steam release valve to 'Venting' to release any remaining pressure.

Finish and Serve: Carefully open the lid. Remove the bay leaves. Taste the stew and adjust the seasoning with more salt and pepper if needed. Stir through the fresh chopped parsley and serve hot.