A BILLIONAIRE migrants’ hotels king has been raking in £3.8million a day.
And he predicts only a slight drop in asylum seekers being housed in his hotels in the future under Government policy.
New company accounts reveal Essex tycoon Graham King, 58, has an annual turnover of £1.39billion through his company, Clearspring Ready Homes, which provides short-term accommodation for migrants.
It comes as the Prime Minister faces huge pressure to show results on tackling Channel crossings and ending the use of asylum hotels.
Shadow Home Secretary Chris Philp last night said: “Clearspring is making a fortune housing illegal immigrants because Labour has lost control of our borders.
“It is a scandal that taxpayers are being fleeced on an industrial scale to house illegal immigrants.
“The fact Clearspring is forecasting to continue this business at scale in the future shows that they know Labour is too weak to take the action needed to stop the illegal boat crossings.”
Companies House documents for Clearspring for the year ended January 2025 state that despite the Government’s intention to reduce the number of asylum applicants, the firm expects this to be by five to ten per cent.
The company’s strategic report also states: “Cash-flow and liquidity risk health are further supported by the ongoing contract with the Home Office through to 2029.”
King, who grew up in Canvey Island, Essex, first began housing migrants in an old cinema building in which he used to run a disco.
After realising it was a lucrative venture, he reportedly housed them in a rundown former barracks.
He is on the latest Sunday Times Rich List as the 154th wealthiest person in Britain.
Clearspring, which offers short-term housing for 30,000 migrants, was approached for comment.
