The purpose of this blogpost is to invite you to become part of an exciting new venture designed to secure the future of the Gay Hussar restaurant in Soho, a favourite hangout of politicos for decades. I am doing so on behalf of a group of diners and staff, the Goulash Co-operative, a new venture aimed not only at saving the Gay Hussar restaurant but maximising the potential we all know that it has.

You may have heard that the current owners, Corus Hotels, are preparing to sell the Gay Hussar. Representatives of the Goulash Coop have met with them, and they are aware of their intent to bid for the business in early December.

An Industrial & Provident Society (IPS) has been formed in order to bid for the business, take it on and run it with the existing, excellent and loyal staff. This is a model that has worked well elsewhere, and given the traditions of the restaurant, the solid customer base and the enormous goodwill that exists, they believe that their plan provides a sound new long-term business base for the Gay Hussar. Their aim is not only to keep the Gay Hussar open, but to maximise its potential.

The Goulash Coop is seeking to raise at least £200,000 in order to secure the lease for the next eight years.

I have bought a share in the venture and have persuaded several others to as well. It struck me that there might be some of you that would also like to invest in the new venture ether individually or as part of a group. Investment will be in the form of IPS Shares. This type of share, used extensively in co-operative societies, housing associations, clubs and the like, does not appreciate in capital value but is entitled to interest payments or dividend dependent on profits. All the money raised through this appeal will be held in a Unity Trust Bank account. In the event of that our bid ultimately fails, all monies would be returned to you, immediately, in full.

Investments will be accepted in units of £500. The minimum investment will therefore be £500, but with an ambitious target, and time of the essence, we are asking you to consider investing more than the minimum if you possibly can. The legal maximum amount an individual or corporate body (except another IPS) can invest is £20,000.

You can find details of the business plan and how to invest on the Goulash Coop website HERE.

Time is very short as the bid has to be lodged by this Thursday, 5 December.