A Europe-wide effort to study a next-generation pulsed spallation neutron source has been conducted over the past 3 years. The work lead to a concept for a 5 MW beam power short pulse (1 μs) facility which is driven by a linac of 1.334 GeV of energy and 50 Hz repetition rate. In order to achieve the desired short pulses, the linac beam is accumulated in two compressor rings which are filled by charge exchange multiturn injection and emptied over a single turn. The resulting high power of 100 kJ/pulse, poses special requirements to the design of the target, for which the concept of a liquid metal was chosen to optimize neutron generation and make the high power density manageable. Peak thermal neutron flux levels for coupled moderators are expected to reach 2 × 10 17 cm −2 s −1 with an FWHM of 25 and 150 μs long time decay constant.