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Put the beef, bacon, carrots, onions, celery, garlic, thyme, bay leaf and orange zest into a large shallow bowl. Pour in the port, cover with cling film and leave in the fridge to marinate overnight.
Meanwhile, for the beetroot, pour the wine into a saucepan, then add the vinegar, sugar, fennel, garlic, ginger and chilli and bring to the boil. Reduce the heat and simmer for 30 minutes. Cut the beetroot into wedges and put in a large bowl. Pour the hot wine mixture over the beetroot. Allow to cool, then cover and leave in the fridge to marinate overnight.
Drain the meat and vegetable mixture, reserving the marinating liquid. Separate the meat from the vegetables as best you can and set the vegetables aside. Heat the oil in a large casserole dish or saucepan and fry the beef pieces in batches over a high heat for 3-4 minutes until just browned. Remove with a slotted spoon and set aside.
Add the reserved vegetable mixture to the casserole and cook for 3-4 minutes until the onion is softened. Add the flour and cook for 1 minute, stirring continuously. Return the beef to the pan with the reserved marinade and the stock and season well. Bring to simmering point, cover and gently cook for 11⁄2 hours until the beef is tender.
Carefully remove all the beef and vegetables from the pan, using a slotted spoon, and set aside. Drain the marinade from the beetroot and add it to the cooking juices in the pan. Bring to the boil and simmer for 5-6 minutes until the sauce has slightly thickened and has a coating consistency. Return the meat and vegetables to the sauce, then stir in the beetroot. Heat through for 2-3 minutes and serve.