Britain's migrant hotel mogul nears billionaire status amid controversy
British entrepreneur Graham King, known as the "king of hotels for migrants," may soon become a billionaire. This is due to his contracts for housing immigrants in the United Kingdom. The 57-year-old earns a staggering 4.7 million pounds daily from a business that is causing controversy in the UK.
8:02 PM EST, November 4, 2024
According to the "Daily Mail," 57-year-old Graham King, a former camping and disco industry magnate, made it onto the list of the richest Britons after starting to earn huge profits from housing and transporting migrants arriving in the country. His wealth is estimated at 750 million pounds. Last year, his company made 1.74 billion pounds, partly due to the increase 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 runs, provides migrants with accommodation in hotels, unused military barracks, and apartments. Its annual income increased by 400 million pounds over the last 12 months.
"King of hotels for migrants"
The costs of housing migrants have increased significantly due to a shortage of living spaces. Since founding the company in 1999, King has secured several lucrative government contracts for providing short-term accommodation, mainly for asylum seekers. When a council decided to house welfare recipients in its trailers, his company made the news.
According to the Sunday Times Rich List for 2024, Graham King was ranked 173rd among the richest people in the United Kingdom. However, this is not the end, as the media anticipate he will make a significant leap next year. The Briton is called the "king of hotels for migrants."
King's wealth has allowed him to ensure his children receive boarding education costing 44,000 pounds annually and to finance 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 pounds daily to house immigrants, amounting to around 8 million pounds daily. However, the government announced that it would cut spending on "asylum hotels," which could impact King's business.
King's company has been criticized for the conditions of the provided accommodations. In 2021, two of its centers 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.
