As we find ourselves preparing for the upcoming R3 Association of Business Recovery Professionals Annual Conference in Budapest next week, our kitchens at Buchler Phillips have – quite fittingly – taken a Hungarian turn!
This month’s surprise recipe comes from Jo Milner, our Managing Director at Buchler Phillips, who has long been a fan of Hungarian cuisine. With its rich flavours, slow cooking, and generous use of paprika, Hungarian food is the very definition of comfort and depth – something Jo has always appreciated.
In anticipation of our trip, Jo has chosen to share a traditional Hungarian goulash soup – a dish that is as much a symbol of Hungary as the Danube itself.
Goulash (or gulyás) originates from Hungary and dates back centuries, traditionally prepared by shepherds. It sits somewhere between a soup and a stew, characterised by tender beef, slow-cooked vegetables, and, most importantly, the unmistakable warmth of paprika.
Unlike thicker stews, Hungarian goulash is lighter, broth-based, yet deeply flavourful – perfect for sharing and even better when made ahead.
«Goulash is more than just a meal for me», Jo confesses. «It reminds me of how food can tell the story of a place. As we look ahead to Budapest, this dish feels like the perfect way to begin the journey: warm, generous, and full of character».
Set along the banks of the Danube, Budapest is a city rich in history, culture, and striking architecture. Often called the «Pearl of the Danube», it is home to landmarks such as the Hungarian Parliament Building and Buda Castle, alongside its famous thermal baths and vibrant café scene. Its culinary tradition is equally distinctive, rooted in bold flavours and time-honoured recipes – perfectly captured in dishes like goulash.
We look forward to experiencing Hungarian hospitality first hand next week – but in the meantime, this recipe brings a little taste of Budapest to our own tables.
If you give this a try, we’d love to hear how it turns out.
Jo’s Hungarian Goulash Soup
2 tbsp vegetable oil or lard
2 onions, finely chopped
2 cloves garlic, minced
2 tbsp sweet Hungarian paprika
500g stewing beef, cut into chunks
1 tbsp tomato purée
1 tsp caraway seeds (optional, but recommended)
2 carrots, sliced
2 potatoes, diced
1 red pepper, chopped
1 litre beef stock
Salt and black pepper, to taste
- Heat the oil in a large pot and gently sauté the onions until soft and translucent.
- Add the garlic and cook for another minute.
- Remove the pot briefly from the heat and stir in the paprika (this helps preserve its flavour without burning it).
- Return to the heat and add the beef, browning it lightly on all sides.
- Stir in the tomato purée and caraway seeds.
- Add the carrots, potatoes, and red pepper, followed by the beef stock.
- Bring to a boil, then reduce to a gentle simmer. Cover and cook for 1.5–2 hours, until the beef is tender and the flavours have developed beautifully.
- Season to taste and serve hot.
Buchler Phillips is a UK based independent boutique firm with an impeccable Mayfair heritage, specialising in corporate recovery, turnaround, restructuring, insolvency.