Once reduced, add beef stock, bay leaf and thyme. Cover casserole loosely with aluminum foil and place in preheated oven. Allow to roast in oven for 20 minutes, and then reduce temperature to 325 degrees Fahrenheit. Continue cooking for approximately 2 hours.
Add vegetables to pan and allow roast to continue cooking for 30 minutes. Check roast occasionally, stirring vegetables.
Remove foil tent and roast 30 additional minutes. Remove roast from oven when it is becoming fork tender. Let roast rest for 20 minutes loosely covered before carving.
Thicken gravy if necessary. Combine 1 tablespoon of softened butter with 1 tablespoon of flour. Add to pan juices over high heat and whisk until well incorporated.
Serve sliced roast along with the vegetables and pan gravy.