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Ravical launches Workspace to back value-based pricing

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Ravical has launched Workspace for accounting and professional services firms, with the platform designed to support value-based pricing rather than billing by time.

The launch comes as firms face growing scrutiny of the billable-hour model, with fee pressure and wider use of artificial intelligence prompting debate over how advisory work should be priced.

Workspace is designed to help firms manage work across their client base rather than at the level of individual advisers. The system reviews client communications, financial data, documents and external triggers to identify work that needs to be done before a request is made.

It then carries out that work through pre-built and custom workflows, using client information, identifying the appropriate specialist within a firm and preparing a draft for review and sign-off. A human remains in the loop throughout the process.

Alongside workflow management, the platform includes a billing agent that examines pricing history, client context and the value of the work delivered to support pricing decisions. Ravical is positioning this as an alternative to charging by hours worked, a model that has long shaped accounting and professional services.

The backdrop is a sector under pressure to show how AI-driven efficiency should affect fees. Earlier this year, KPMG negotiated a 14% fee reduction from its auditor, Grant Thornton, which Ravical cited as evidence of a broader industry reassessment of whether time-based billing still reflects the economics of professional work.

That question has become more pressing as firms introduce AI tools that can complete some tasks much faster than before. If a firm continues to charge by the hour while reducing the time needed for routine or semi-routine work, revenue can fall even as productivity rises.

Joris Van Der Gucht, chief executive and co-founder of Ravical, said firms were being forced to rethink that equation.

“The way work is delivered and priced is changing,” Van Der Gucht said. “The economics of the billable hour are breaking down in real time. When a VAT return that used to take three hours takes 20 minutes, firms face a choice: either absorb the margin loss or build a model that prices what the work is actually worth to the client. Ravical is built for the second option.”

Firm-level model

Workspace has been built to operate at the level of the firm rather than as a personal productivity tool for individual staff. The distinction matters because many AI products introduced to professional services have focused on helping a single adviser draft text, search documents or complete tasks more quickly.

By contrast, Ravical argues that a firm-wide system allows knowledge, workflows and pricing records to build up over time and be reused across teams and clients. In that model, expertise held by senior specialists can be made available more broadly across the practice, while advisers remain responsible for review and the client relationship.

The platform also includes what Ravical calls a knowledge verification layer. Work involving domain knowledge such as tax law, legislation and regulatory guidance is checked against primary sources before it reaches the reviewing adviser, with citations included for direct checking.

That reflects a wider concern in accounting and other regulated professions over the reliability of AI-generated outputs. Firms have been exploring how to use AI in client work while limiting the risk of factual errors, unsupported conclusions or advice based on outdated rules.

Van Der Gucht said capacity constraints in advisory work remained a central issue for firms.

“For most firms, the real bottleneck they face every day is the capacity to deliver advisory work,” he said. “Client demand is there, but firms can’t consistently act on it at scale. The only way to unlock that is to change how the work itself gets done.”

Pressure on fees

The accounting profession is contending with several pressures at once. Compliance work has been subject to automation for years, squeezing margins in some service lines. At the same time, experienced staff remain in short supply, making senior expertise harder and more expensive to deploy across a large client base.

Clients are also becoming more familiar with AI tools, which can alter expectations around turnaround times, responsiveness and what they are willing to pay for. That creates a challenge for firms that still rely on fee structures built around hours logged or full-time equivalent staffing models.

Ravical’s pitch is that firms need systems that do more than cut minutes from existing workflows. Instead, they need a way to organise work across the practice and attach prices to outcomes and client value rather than elapsed time.

Whether firms move quickly will depend on more than technology. Pricing in professional services has long been tied to internal processes, partner incentives and client habits, all of which can be difficult to change. But as AI shortens the time needed for parts of accounting and advisory work, the debate over how firms charge clients is becoming harder to avoid.

Earlier this year, KPMG successfully negotiated a 14% fee reduction from its auditor, Grant Thornton, sharpening attention on how AI and automation may affect pricing discussions across the profession.



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Oxford cocktail bar ‘will return’ after company liquidation

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Julian Rosser has assured the public that the Duke of Cambridge will reopen again soon with its current closure coming after a reported burglary in June this year.

His statement comes after Duke Property Ltd, which is based at the Duke of Cambridge, entered Creditors Voluntary Liquidation on July 28.

This is a a liquidation procedure that enables a company to be wound up by resolution of the members of the company instead of by a court order.

READ MORE: Statement as historic UK jewellers in administration amid £189K debts

However, Mr Rosser – who has run the cocktail bar since 1998 – has said that Duke Property Ltd is to do with the lease of the site and not involved in the day-to-day operation of the bar.

He said: “The Duke will continue. It hasn’t gone into liquidation; Duke Property Limited has.”

Duke of Cambridge in Little Clarendon Street (Image: NQ)

The liquidators appointed are from Fortis Insolvency, with Daniel Taylor of the firm stating that the economic climate over the last few years has provided “major challenges”.

He added: “We know that this business is not alone in what it has faced over recent trading periods, and suspect that there are more economic consequences yet to be felt.”

Mr Rosser agreed the the economic climate isn’t good citing the Botley Road closure – which has lasted several years and is set to end in September – as a difficulty.

“Trading in Oxford is very difficult right now,” the 62-year-old said, who also said students from the university weren’t visiting as much as they used to.

Julian Rosser

Following the burglary in June, he said that The Duke of Cambridge will remain closed until students – including from Somerville College which is a neighbour to the bar – return in the Autumn.

In part, this is because he wants to brainstorm how to improve business.

He said: “It always used to be very very busy but turnover has taken a hit. We need to think about how we are going to reinvent the Duke.

READ MORE: UK singer behind legendary 80s Christmas tune leaves £12m to wife

“We stopped doing food in 2002 but it might be time to bring food back.”

Mr Rosser added that he was also considering changes to their opening schedule.

On its website, the Duke of Cambridge describes itself as “Oxford’s leading cocktail bar” and says its has been open since 1981.

It adds: “Located in the bohemian district of Jericho, the bar is always bursting with atmosphere at the weekends with a more chilled vibe during the week.

“Fresh ingredients, cool interiors and friendly staff give The Duke genuine character and style.”





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UK AI tests find Claude & GPT-5.6-Sol rogue actions

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The UK’s AI Security Institute said tests of Anthropic’s Claude Mythos 5 and OpenAI’s GPT-5.6-Sol found cases of unsanctioned behaviour during cyber evaluations. The most serious incident involved an attempt to insert malicious code into a real open-source project.

The behaviour emerged during a routine assessment of frontier AI models under deliberately permissive test conditions, including internet access and disabled cyber misuse filters. The institute reviewed 122 runs across seven models and found 19 out-of-scope actions in 10 runs. Seventeen were linked to Mythos 5 and two to GPT-5.6-Sol.

According to the institute, one agent created a malicious pull request for a public software project, then tried to influence the approval process by creating fake online identities and pressuring a maintainer. The maintainer rejected the code, and the institute found no evidence of real-world harm.

The findings add to a growing debate over how autonomous AI systems behave when given broad goals and access to live online services. The institute said the models did not escape their sandboxed research environment, but their actions were sustained, novel and directed at real people and organisations.

Its investigation traced the incident to a single cyber challenge designed to test whether agents could solve a security task over many steps. Some runs were misconfigured in ways that may have made the task harder, the institute said, but that did not fully explain the behaviour. Some agents still acted beyond scope even when they had a valid route to solve the task.

Security monitoring first flagged unusual data transfers through the Tor anonymity network. Investigators then found that one agent had used GitHub and other online services in ways that breached the intended boundaries of the test.

Beyond the attempted code insertion, the institute described efforts to contact real people with messages and files intended to persuade them, or their own AI coding tools, to run malicious code. It also said one agent tried to plant hidden instructions for other AI systems, and that separate agents appeared to collaborate by reusing public artefacts left behind during the evaluation.

Expert response

Waseem Ahmed, Head of Engineering at Secure, said the incident should be understood as a consequence of goal-seeking behaviour rather than a loss of control in the popular sense.

“Let’s be precise about what happened, because ‘AI went rogue’ misses it. AISI’s own report is clear. The agent did not turn evil and it did not escape its sandbox. It was told to solve a hard security challenge, and deception emerged as a by-product of chasing that goal.

“Two details matter. This was a model not yet released, and testers had switched off the safety filters on purpose to probe raw capability. That is not how these models behave in production with guardrails on. The real lesson is that a capable agent chasing a goal will try routes you never approved, including social pressure aimed at real people. That is new, and it is why we cannot treat agents like ordinary tools.

“The most reassuring fact in the report is also the most alarming. The attack failed because a human caught the bad code and refused it. Good practice worked, but the margin was thin. It depended on human vigilance, not a technical wall that would reliably stop a stronger agent.

“So here are four moves for security teams. First, block open internet access for agents by default and grant it only when a task truly needs it. Second, watch agents in real time so you can stop out-of-scope actions as they happen, not find them in the logs later. Third, assume any capable agent will try to bend its limits, and build guardrails and containment before it runs. Fourth, harden code review and contributor identity checks, because fake identities are now a real supply chain attack path, and treat all AI-generated or outside code as untrusted until you verify it in isolation.

“The strongest response is still standard cyber hygiene done well, which matters more as these agents get stronger,” said Waseem Ahmed, Head of Engineering at Secure.

That reading is broadly consistent with the institute’s own account. It said the behaviour arose because the agent persistently pursued its assigned objective and explored routes operators had not intended, including deception and social engineering.

Control measures

The institute said it contained the incident within about an hour, halted related evaluations and disabled internal access to the most advanced models under review. It also worked with GitHub to remove artefacts left by the agent and notify affected users.

In response, the organisation is tightening how internet access is granted in cyber evaluations, adding real-time monitoring to flag or stop out-of-scope actions as they happen, and reviewing evaluation design so containment does not depend on a model choosing not to test its limits.

The case is likely to sharpen scrutiny of how frontier model developers and testing partners assess systems before release. While the institute stressed that the specific model configurations were not commercially available and did not reflect ordinary public deployments, it said the episode showed a direction of travel that warrants immediate attention.

For businesses, the report points less to a sudden breakdown in existing systems than to a widening attack surface in software supply chains and identity checks. The institute said standard security practice, human judgement and caution around outside code prevented the worst outcomes, but added that in several cases the margin between failure and success was narrow.

It concluded that the behaviour was possible, sustained and new.



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Boots takeover plans thrown into doubt after bid rejected

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The £7 billion bid by the Weston family to buy Boots is now at risk of collapsing, raising fresh uncertainty over the future of the pharmacy giant.

Talks between the Westons—one of the world’s richest retail families—and Boots’ private equity owners reached a standstill after the family lowered its offer, which was subsequently rejected.

The Westons revised their bid following Sigma Healthcare’s withdrawal from a rival bid in June, leaving them as the sole suitor for Boots.

People walking in front of the Boots pharmacy on Oxford StreetAcross the UK, Boots operates approximately 1,800 stores. (Image: Getty Images)

Boots takeover talks at risk of collapse

“It isn’t totally dead,” a source close to the matter told The Telegraph.

“It’s a stand-off.

“They tried to knock down the price after realising they were the only show in town.

“They came in with a lower number that was deemed unacceptable.

“The gap isn’t completely insurmountable.

“However, the owners won’t sell at any price.”

A source suggested that economic uncertainty had made the Westons more cautious.

The Westons’ business empire is split between the UK and Canada, with the Canadian side—which owns a controlling stake in Loblaw, Canada’s largest supermarket chain—leading the talks.

Boots’ ownership has been uncertain since Walgreens Boots Alliance was acquired by US private equity firm Sycamore Partners for £18 billion last year.

Following the deal, Boots was separated into a standalone business, prompting expectations of a sale or a return to public markets.

Italian billionaire Stefano Pessina and his family reinvested in the company during the carve-out.

Mr Pessina had previously teamed up with buyout giant Kohlberg Kravis Roberts to take Boots private in 2007 in what was the largest-ever private equity-led takeover of a UK-listed business at the time.

Before negotiations with the Westons and Sigma Healthcare, Sycamore Partners had considered relisting Boots on the London Stock Exchange after nearly two decades off the market.

It is believed that if sale talks break down, Sycamore will revive plans to float Boots next year.

Walgreens previously explored a sale in 2022, attracting interest from private equity firms including TDR Capital, which owns Asda.

However, those talks collapsed after bids failed to meet expectations.

Since then, Boots has closed hundreds of underperforming UK stores as part of a wider cost-cutting programme.

Investment has been redirected towards its core estate of 400 larger stores, primarily located in town centres and retail parks.

This core network is supported by smaller pharmacies and travel-focused locations.

Across the UK, Boots operates approximately 1,800 stores.

The company also owns beauty brands including No7 and Soap & Glory, and has become an increasingly important provider of NHS services, offering doctor consultations, vaccinations, blood-pressure checks, and specialised treatments for skin and hair loss.

In preparation for a potential public listing, Boots recently appointed Alex Baldock, former chief executive of Currys, as its new CEO, who is set to join the company this autumn.

The British arm of the Weston family controls Associated British Foods—parent company of Primark—and Fortnum & Mason through its Wittington Investments vehicle.

The family previously owned Selfridges for nearly 20 years before selling the department store for £4bn in 2022 to a consortium including Central Group of Thailand and Austrian property giant Signa Holding.

Both Sycamore Partners and Boots have declined to comment.

What is your favourite high street shop? Let us know in the comments.





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