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Preheat oven to 375°F (190°C). Place shallots in a pan. Toss with olive oil and season with salt and pepper. Roast shallots until deep brown and very tender. stirring frequently. Reserve.
Combine stock with Port in a medium size pan and bring to a boil. Lower heat and reduce for 30 minutes. Add tomato paste and mix.
Sauté bacon until golden and crispy. Remove from skillet and transfer to paper towels. Reserve.
Season beef with salt, pepper and thyme. Brown on all sides and transfer to an oven pan. Roast beef for 30 minutes, approximately, or until the desired doneness.
Remove from oven and cover with foil.
Deglaze skillet with 1 cup of hot stock. Add to stock and Port mixture.
Melt butter in a medium size saucepan and add flour stirring. Gradually add stock mixture, stirring constantly. Bring to a boil and continue stirring until sauce thickens slightly. Add shallots and bacon. Season with salt and pepper.
Cut tenderloin in slices and pour sauce over. Serve with buttered spinach. Serve rest of sauce in a separate sauceboat.
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