Man dubbed 'king' of asylum seeker hotels becomes billionaire
Graham King is named as a new billionaire on the Sunday Times' latest Rich List
Conor Gogarty
Investigations editor
11 May 2025
11 May 2025
WALES ONLINE
Protest outside the gates of Penally Asylum Camp
(Image: Laura Clements/WalesOnline)
A controversial businessman has become a billionaire after profits surged at his business housing asylum seekers. Graham King, sometimes called the "Asylum King", is the founder of Clearsprings Ready Homes, which has a lucrative contract to provide asylum seekers with accommodation in Wales and England.
The Sunday Times reports that the 58-year-old has seen a 35% jump in his fortune in the past year, resulting in him being named as a new billionaire on the newspaper's Rich List. He made his debut on the Rich List last year when he appeared at number 221 with a worth of £750million.
That figure has soared to £1.015 billion in this year's list, putting him in 154th place.
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Mr King has been involved in several controversies in Wales.
In 2016 he was criticised for accepting a 379% payrise — meaning an annual packet of £960,000 — for his role as an executive of the firm running Cardiff asylum centre Lynx House, which just months earlier had been hit with allegations of overcrowding and mould infestation, as well as asylum seekers wearing wristbands to receive meals.
In 2021 inspectors described the conditions in two of Clearsprings’ asylum centres — one being Penally Camp in Pembrokeshire — as “decrepit”, “impoverished” and “rundown”.
A controversial businessman has become a billionaire after profits surged at his business housing asylum seekers. Graham King, sometimes called the "Asylum King", is the founder of Clearsprings Ready Homes, which has a lucrative contract to provide asylum seekers with accommodation in Wales and England.
The Sunday Times reports that the 58-year-old has seen a 35% jump in his fortune in the past year, resulting in him being named as a new billionaire on the newspaper's Rich List. He made his debut on the Rich List last year when he appeared at number 221 with a worth of £750million.
That figure has soared to £1.015 billion in this year's list, putting him in 154th place.
Get the latest Wales Online breaking news on WhatsApp
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info
Mr King has been involved in several controversies in Wales.
In 2016 he was criticised for accepting a 379% payrise — meaning an annual packet of £960,000 — for his role as an executive of the firm running Cardiff asylum centre Lynx House, which just months earlier had been hit with allegations of overcrowding and mould infestation, as well as asylum seekers wearing wristbands to receive meals.
In 2021 inspectors described the conditions in two of Clearsprings’ asylum centres — one being Penally Camp in Pembrokeshire — as “decrepit”, “impoverished” and “rundown”.
One asylum seeker who was housed at Penally said that living there was the "worst thing to happen to me" since he left Syria.
The centre closed in the fallout from the report.
In 2023, Clearsprings Ready Homes' plans to convert Stradey Park Hotel in Llanelli into an asylum centre attracted fierce criticism.
Carmarthenshire council and many locals opposed the move, which would have resulted in around 100 job losses.
A makeshift base for protesters was set up outside the hotel before the Home Office finally scrapped the plans.
The Sunday Times links Mr King's rising wealth to an increase in the number of people claiming asylum in the UK from 91,811 in 2023 to a record figure of 108,138 last year.
A backlog in processing asylum claims led to an estimated 38,000 asylum seekers being housed in 222 hotels and a further 66,000 in other accommodation in the last year.
Clearsprings was founded in 1999 as a property company in Mr King's home county of Essex.
Its latest big UK Government contract is a deal to provide accommodation in the south of England and Wales, running until September 2029. The Home Office estimates this is worth £7.3billion, having previously valued it at £1billion.
The centre closed in the fallout from the report.
In 2023, Clearsprings Ready Homes' plans to convert Stradey Park Hotel in Llanelli into an asylum centre attracted fierce criticism.
Carmarthenshire council and many locals opposed the move, which would have resulted in around 100 job losses.
A makeshift base for protesters was set up outside the hotel before the Home Office finally scrapped the plans.
The Sunday Times links Mr King's rising wealth to an increase in the number of people claiming asylum in the UK from 91,811 in 2023 to a record figure of 108,138 last year.
A backlog in processing asylum claims led to an estimated 38,000 asylum seekers being housed in 222 hotels and a further 66,000 in other accommodation in the last year.
Clearsprings was founded in 1999 as a property company in Mr King's home county of Essex.
Its latest big UK Government contract is a deal to provide accommodation in the south of England and Wales, running until September 2029. The Home Office estimates this is worth £7.3billion, having previously valued it at £1billion.
The firm's profits climbed from £74.4million to £119.4million in the year ending January 2024, according to the Sunday Times, which "conservatively" values the business at £1.015billion. King owns more than 99% of the shares, the newspaper reports.
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