Essex businessman Graham King, 58, has joined the ranks of Britain’s billionaires after a surge in profits at his company, Clearsprings Ready Homes, which provides housing and services for asylum seekers under a government contract.
King, dubbed the “Asylum King,” has seen his personal fortune grow by 35% over the past year, reaching £1.015 billion — up from £750 million in 2024. He now ranks 154th on the Sunday Times Rich List 2025, rising from 221st place the year before, Caliber.Az reports, citing The Sunday Times.
Clearsprings Ready Homes, founded in 1999 and operating from Rayleigh, Essex, is one of the largest recipients of government asylum accommodation contracts. Its latest agreement with the Home Office, covering the south of England and Wales, is valued at £7.3 billion and runs until September 2029 — a dramatic increase from the previously estimated £1 billion.
The firm’s profits rose by 60%, from £74.4 million to £119.4 million in the year ending January 2024. With King owning more than 99% of the company, the Sunday Times assessed his wealth based on a conservative multiple of 8.5 times annual profits.
The billionaire status comes amid record levels of migration and asylum claims in the UK. Net migration hit 728,000 in the year to June 2024, with asylum claims rising to 108,138 — both record highs. Over 11,500 migrants have crossed the Channel in small boats this year, contributing to a backlog that has left around 38,000 asylum seekers in hotels and another 66,000 in alternative accommodations.
The government, facing growing pressure over the costs and scale of the asylum system, is set to unveil an immigration white paper on Monday. Proposed reforms will target lower-skilled migration, restrict certain visas, and raise language requirements.
Meanwhile, Clearsprings continues to benefit from the ongoing migrant housing crisis, with the National Audit Office estimating the total cost of asylum housing contracts over the next decade has ballooned from £4.5 billion to £15.3 billion.
Source: caliber.az
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