British hotel magnate profits amid migrant housing controversy
British entrepreneur Graham King, known as the "king of hotels for immigrants," may soon become a billionaire, thanks to contracts for housing immigrants in the United Kingdom. The 57-year-old earns a staggering £4.7 million (about CAD 7.8 million) daily from a business causing controversy in the country.
According to the "Daily Mail," 57-year-old Graham King, a former magnate in the camping and disco industries, entered the list of the wealthiest Britons after starting to earn substantial profits from housing and transporting migrants arriving in the country. His wealth is estimated at £750 million (around CAD 1.25 billion). Last year, his company generated £1.74 billion (approximately CAD 2.9 billion), which is linked to a rise in the number of refugees.
King's contract with the Home Office for accommodations for newcomers is set to last until September 2029, meaning the 57-year-old will profit significantly from the hotel business. The company Clearsprings Ready Homes, which he operates, provides migrants with lodging in hotels, unused military barracks, and apartments. Its annual income increased by £400 million (about CAD 664 million) over the last 12 months.
"King of hotels for migrants"
The costs of housing migrants have risen significantly due to a shortage of living spaces. Since founding the company in 1999, King has secured multiple lucrative government contracts for providing short-term accommodation, primarily for asylum seekers. His company made headlines when a council decided to house welfare recipients in its trailers.
According to the Sunday Times Rich List for 2024, Graham King was ranked 173rd among the richest people in the United Kingdom. However, this may not be the peak, as media outlets anticipate he will advance significantly next year. The Briton is referred to as the "king of hotels for migrants."
King's wealth has enabled him to ensure his children receive boarding education costing £44,000 (around CAD 73,000) annually and to fund luxury vacations and ski trips to the Alps. His daughter, Catalina, is studying art. Her works include posters with the phrase "I'll trade racists for refugees."
Controversies surrounding the hotelier
According to the "Daily Mail," British taxpayers pay between £127 and £148 (around CAD 210 and CAD 246) daily to house immigrants, amounting to around £8 million (about CAD 13.3 million) daily. However, the government has announced plans to reduce spending on "asylum hotels," which could affect King's business.
King's company has been criticized for the conditions of the provided accommodations. In 2021, two of its centres were described as "dilapidated," "impoverished," and "neglected." In 2023, 70 people, including children, protested by sleeping outside after being placed in small rooms without sufficient beds in two hotels run by Clearsprings in London.
The company also faced criticism when inspectors found that refugees were living in "dilapidated" and "run-down" barracks in Kent and a military camp in Pembrokeshire.
