Profits slashed for ‘asylum king’ as hotel demand falls

BILLIONAIRE “asylum king” Graham King saw profit at his accommodation firm cut in half as the government worked through the backlog of claims.

- By Jon Robinson

Clearsprings Ready Homes, of which Mr King is sole shareholder, posted a pretax profit of £58.7m for the year to January 31.

This is down from the £120.1m it raked in during 2024.

New accounts also reveal Clearsprings Ready Homes turnover slumped from £1.7bn to £1.3bn over the same period.

The business also did not issue a dividend for the financial year, having paid out £90m in 2024 - and almost £183m in total since 2020.

It is one of three contractors used by the Home office to provide asylum accommodation. The other two are Mears Limited and Serco.