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3d ago

Asylum Housing Tycoon Graham King Becomes UK’s First ‘Migrant Hotel’ Billionaire

Clearsprings Ready Homes founder’s wealth surges as government asylum contracts grow, while scrutiny mounts over housing standards and cost controls.

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Graham King, 58, is said to have spotted refugee accommodation as a business opportunity in the 1990s
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Overview

  • Graham King, founder of Clearsprings Ready Homes, has been confirmed as a billionaire with a fortune of £1.015 billion, driven by a 35% rise in his wealth over the past year.
  • Clearsprings’ profits soared 60% to £119.4 million in 2024, fueled by record asylum numbers and lucrative government contracts valued at £7.3 billion through 2029.
  • The UK’s net migration reached a record 728,000 in 2024, with 108,138 asylum claims contributing to a housing backlog that has placed tens of thousands in hotels and temporary accommodations.
  • Government inspections in recent years have criticized the quality of Clearsprings’ housing, labeling conditions at some sites as decrepit, overcrowded, and poorly managed.
  • The upcoming Immigration White Paper aims to tighten visa rules and address migration policy, but concerns remain over the oversight and cost of asylum housing contracts.