A Cinderella Story for the 21st Century
Mia Drennan’s journey is a modern-day Cinderella story, one where women don’t need princes or fairy godmothers to create their own happy endings. Instead, they build billion-pound businesses and redefine success on their own terms.
Born to a Tunisian mother, Drennan was adopted at just six weeks old by a couple from Essex. She left school without a degree and started her career with temp jobs in the City, often strap-hanging on the Tube to get to work. Today, she is the head of GLAS, a high-end loans administration business that she founded with just £6,000. The company has recently been valued at £1 billion, making it a rare “unicorn” — a start-up that has grown to a billion-pound firm.
Drennan recently won the Entrepreneur of the Year UK award, organized by accountant EY, and will represent Britain at the world finals in Monte Carlo later this month. This event, which blends elements of Eurovision and The Apprentice, could see her become the first British woman to win the title.
A Journey of Self-Belief
For Drennan, the award was more than just a recognition of her business acumen. It was a moment of personal validation. “It wasn’t the £1 billion valuation that gave me external proof of my worth,” she says. “It was the award, as I never expected it, or the outpouring of support. The valuation was the icing on the cake.”
She admits that she only began to feel “good enough” after winning the UK prize. “I had imposter syndrome for a long time,” she says. “But now, I want to keep growing the company until it’s worth at least £5 billion, maybe even £10 billion.”
Building a Community for Female Entrepreneurs
Drennan’s success comes at a time when more women are starting businesses, especially in their 40s and 50s. However, many lack a community or advice to guide them. To address this, she is preparing for a Goldman Sachs event called Unicorn School, which is not a Harry Potter-themed program but a mentoring and networking initiative for elite entrepreneurs.
“There are a lot of women starting businesses in their 40s and 50s with no obvious place to go for community or advice,” she explains. “Part of this is about how you build a team around you that gives you the confidence to try things, to be resilient, and to keep going.”
Drennan believes that many female entrepreneurs struggle with self-doubt. “I do think women are probably less confident in their abilities than they should be,” she says.
A Billion-Pound Moment
The valuation of GLAS came on New Year’s Day, when UK private equity firm Oakley Capital took a majority stake in the company. Drennan recalls the moment vividly. “On New Year’s Eve, around midday, it became clear we were not going to sign that day. We agreed to sleep for a few hours. On New Year’s Day the documents went round for everyone to sign.”
That night, her husband was asleep on the sofa, and she was watching TV when a DocuSign notification arrived. “Congratulations, you’ve signed,” it read. She poured herself a glass of champagne and sat with it for about half an hour. “So that was my billion-pound moment,” she says. Her husband joked, “Why didn’t you wake me?”
A Supportive Family and a Strong Foundation
Stuart, Drennan’s husband, has been a huge mentor throughout her career. He and her grown-up daughter, Tia, will accompany her to Monte Carlo, along with her best friend, who is flying over from Australia for the occasion. Her adoptive parents will follow the ceremony from afar, and she describes them as “wonderful.”
Drennan has no connection with her biological parents, whom she never met. “I don’t know anything about my biological parents and have no connection with them,” she says. “I am at peace with that. My biological mother was Tunisian and came to the UK to have me. I can only imagine she must have spent a lifetime wondering what happened to me.”
The Power of Resilience
Being an only child created a particular dynamic in her life. “It pushes you out into the world to find things. There’s a certain aloneness that exists, even if you have brilliant parents and grandparents.”
Her maternal grandfather was her mentor, and she believes he would be proud of her achievements. “I think there’s always an element, when you’re adopted, of searching for something, of not quite knowing your roots. It makes you look for somewhere to belong. If I fast-forward to what I’ve built, I think I’ve found it and built it.”
From Temp to Entrepreneur
Unlike some tech entrepreneurs who make billions while young, Drennan’s success came later in life. She initially wanted to be a fighter pilot, an ambition thwarted by her gender. When she was a teenager, there were no female Top Guns.
Did she always think she was going to make it in business? “Not at all,” she replies. “I just got on with things. I would turn up on a Monday morning as a temp, go from office to office, and just get on with whoever I was working with. I had a strong work ethic and I loved what I was doing.”
She came up with the idea for GLAS after the 2008 financial crisis, spotting an opportunity for an independent credit agent. Today, GLAS is the largest outside the US, handling the administration and oversight of complex loans involving several lenders.
“We now have over 500 people in 11 countries with 15 offices on a single platform. We’re servicing over $850 billion (£650 billion) of assets under management and will probably reach a trillion dollars this year.”
Looking Ahead
Despite the Bank of England’s warnings about risks in the private credit sector, Drennan remains optimistic. “Every time there’s a downturn, we do well, because that’s exactly when complicated distressed situations arise,” she says. “Private credit grew up alongside us, and 50 per cent of the debt we service is private credit-originated.”
GLAS recently made four acquisitions and is looking at others. But Drennan says: “Right now, though, my focus is on becoming a digital company. We’re on a road to build something unique that doesn’t exist in the market. That will require significant investment in tech and artificial intelligence.”
For a woman who spent decades feeling not quite good enough, Monte Carlo awaits. So too, perhaps, does the next five billion pounds — or ten.
