Taxpayer Shock: ‘Asylum King’ Becomes Billionaire While Migrants Pack Into Run-Down Hotels

Graham King is a businessman from Essex who has become extremely rich by running a company that provides housing for asylum seekers. His company is called Clearsprings Ready Homes. Over the past year, his personal wealth has grown by around 35 percent, reaching over £1 billion. Just last year, he was worth £750 million, and now he has moved up the Sunday Times Rich List, jumping from number 221 to 154. He is now officially a billionaire.

This rise in his fortune is happening at the same time that immigration numbers in the UK are going up. In the year leading up to June 2023, net migration reached 728,000. This means more people are coming into the UK than leaving. Also, the number of people asking for asylum rose to over 108,000 in one year, the highest ever recorded. More than 11,500 people have also crossed the English Channel in small boats this year, which is another record-breaking figure.

Because of delays in handling all these asylum claims, the government has been paying companies to house migrants while they wait. Clearsprings Ready Homes is one of the main companies doing this job. Right now, about 38,000 asylum seekers are staying in 222 hotels across the UK, and another 66,000 are in other types of temporary housing. These arrangements are being paid for with public money—money that comes from UK taxpayers.

Clearsprings started in 1999 as a small property business. Now, it has a massive government contract that runs until at least 2029. This contract is for providing housing in the south of England and in Wales. At first, the contract was worth £1 billion, but it’s now estimated to be worth a huge £7.3 billion. The company made profits of £119.4 million in the year ending January 2024, up from £74.4 million the year before.

Graham King grew up on Canvey Island, where his father ran a caravan park. That business was later sold for £32 million in 2007. These days, King lives a very wealthy lifestyle. He reportedly owns homes in the expensive Mayfair area of London and in Monaco, a place known for its rich residents and tax benefits. He even takes part in luxury car racing events across Europe, driving Porsches in races designed for wealthy amateur drivers. His brother also lives in Monaco.

Even though King and his company have made a lot of money, not everyone is happy with how the business is run. In 2021, government inspectors said some of the housing provided by Clearsprings was in very poor condition. They called it run-down, dirty, and unfit for people to live in. In 2023, over 70 people slept outside on the streets in protest against the conditions at two hotels in London that were run by Clearsprings. They said the rooms were too small and overcrowded, and that they were being treated badly.

So while Graham King has made billions through government deals meant to help asylum seekers, many people have raised concerns about how the business is being handled and whether the housing being provided is good enough. The company has not responded to these complaints, even as criticism continues to grow.