"A UK Border Force vessel brings migrants into Dover. Credit - Getty. Profit at one of the Home Office's providers of asylum accommodation has been slashed in half during its latest financial year, it has been revealed. Clearsprings Ready Homes, which is run by 'asylum king' Graham King, has posted a pre-tax profit of £58.7m for the 12 months to 31 January, 2025. That total is down from the £120.1m it raked in during 2024."
"Since coming to power last year, the Labour government has pledged to clear the asylum backlog by increasing resources dedicated to processing cases. New accounts filed with Companies House also reveal its turnover was cut 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."
"Clearsprings Ready Homes is one of three contractors used by the Home office to provide asylum accommodation. The other two are Mears Limited and Serco. There is a profit-sharing agreement between the government and the providers but the threshold for payback has never been made public. Graham King entered the Sunday Times rich list in 2024 with an estimated net worth of £750m. He improved his ranking from number 221 to 154 this year as his fortune swelled to £1bn."
Clearsprings Ready Homes posted a pre-tax profit of £58.7m for the 12 months to 31 January 2025, down from £120.1m in 2024. Turnover fell from £1.7bn to £1.3bn over the same period, and the company did not issue a dividend after paying out £90m the previous year. The firm is one of three Home Office contractors providing asylum accommodation, alongside Mears Limited and Serco, and operates under contracts running until September 2029. A profit-sharing agreement with the government exists but payback thresholds are undisclosed. The company expects placements to decline a further 5–10% in its current financial year.
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