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 commuting via the Tube. 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 term used for start-ups that have reached a valuation of at least a billion pounds.
Drennan recently won the Entrepreneur of the Year UK award, organized by 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 global title.
Overcoming Self-Doubt
For Drennan, the award was more than just a recognition of her work — it was a turning point in her self-belief. “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 years,” she adds. “Now, I want to grow the company until it’s worth at least £5 billion, maybe even £10 billion.”
The Billion-Pound Moment
The valuation came on New Year’s Day when UK private equity firm Oakley Capital took a majority stake in GLAS. Drennan recalls the moment she realized the deal was final. “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, she sat alone with a glass of champagne, savoring the moment. Her husband, Stuart, was asleep on the sofa, and she didn’t wake him. “I just wanted a moment to take it all in,” she says.
Stuart, who has retired from corporate life, has been a huge mentor throughout her career. He and her grown-up daughter, Tia, are joining her in Monte Carlo, along with her best friend, who is flying over from Australia for the occasion.
Adoption and Identity
Drennan’s journey has also been shaped by her adoption. She doesn’t know anything about her biological parents and has no connection with them. “I am at peace with that,” she says. “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.”
Being an only child created a dynamic that pushed her out into the world to find things. “There's a certain aloneness that exists, even if you have brilliant parents and grandparents,” she explains. “My maternal grandfather was my mentor, and I know he would be so proud of where I've got to.”
From Temp to Entrepreneur
Unlike many tech entrepreneurs who make billions while young, Drennan’s path to success was much later in life. She once dreamed of becoming 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 would succeed 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.”
Her idea for GLAS came after the 2008 financial crisis, when she spotted an opportunity for an independent credit agent. Today, GLAS is the largest such company outside the US, handling the administration and oversight of complex loans involving several lenders.
Looking Ahead
GLAS now has over 500 employees across 11 countries and 15 offices on a single platform. It services over $850 billion (£650 billion) of assets under management and is on track to reach a trillion dollars this year.
Drennan is not worried about the Bank of England’s warnings about risks in the private credit sector. “Every time there's a downturn, we do well, because that's exactly when complicated distressed situations arise,” she says.
While GLAS has made four acquisitions and is looking at others, Drennan is focused on transforming the company into a digital entity. “We're on a road to build something unique that doesn't exist in the market,” she says. “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.
No comments:
Post a Comment