Britain's 'hotel king' approaches billionaire status amid controversy
British entrepreneur Graham King, often called the "migrant hotel king," may soon join the ranks of billionaires. This is due to contracts for housing immigrants in the United Kingdom. At 57 years old, he earns an astonishing €5.5 million daily from a business generating significant controversy in the UK.
According to the "Daily Mail," 57-year-old Graham King, a former magnate in the camping and disco industries, has made it onto the list of the richest Britons after beginning to earn massive profits from housing and transporting migrants arriving in the country. His wealth is estimated at €891 million. Last year, his company amassed €2.06 billion, which is linked 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, suggesting the 57-year-old will continue to profit substantially from the hotel business. The company Clearsprings Ready Homes, which he operates, provides migrants with housing in hotels, unused military barracks, and flats. Its annual revenue rose by €475 million over the last year.
"King of hotels for migrants"
The costs of housing migrants have risen significantly due to a shortage of available living spaces. Since founding the company in 1999, King has secured several lucrative government contracts for providing short-term accommodation, particularly for asylum seekers. His company caught the public's attention when a council opted 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 pinnacle, as media forecasts suggest he will make a substantial leap next year. The Briton is dubbed the "king of hotels for migrants."
King's wealth has enabled him to provide his children with boarding school education costing €52,330 annually and fund luxury holidays and ski trips to the Alps. His daughter, Catalina, is studying art, and 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 €151 and €176 daily to house immigrants, amounting to approximately €9.5 million daily. However, the government has announced plans to reduce expenditure on "asylum hotels," which could affect King's business.
King's company has faced criticism for the conditions of its 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 cramped rooms without sufficient beds in two hotels managed by Clearsprings in London.
The company was also criticized when inspectors found that refugees were residing in "dilapidated" and "run-down" barracks in Kent and a military camp in Pembrokeshire.
