The Temp Who Built a £1bn Business from £6,000: Meet GLAS Founder Mia Drennan

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 is not just about numbers; it's also about creating opportunities for others. She is preparing for a Goldman Sachs event called Unicorn School, a mentoring and networking programme 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.

She emphasizes the importance of building a team around you that gives you the confidence to try things, be resilient, and keep going. "I do think women are probably less confident in their abilities than they should be," she adds.

A Billion-Pound Moment

Her £1 billion valuation came on New Year's Day when UK private equity firm Oakley Capital took a majority stake in GLAS. The deal required a team of ten working around the clock over Christmas. "On New Year's Eve, around midday, it became clear we were not going to sign that day," Drennan recalls. "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 while she watched TV. A DocuSign notification came through, and she poured herself a glass of champagne, sitting 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?" She replied, "I just wanted a moment to take it all in."

Family and Legacy

Stuart, her husband, has been a "huge mentor" throughout her career. He and her grown-up daughter, Tia, are joining her in Monte Carlo, as is her best friend, who is flying over from Australia for the occasion. Her adoptive parents are following the ceremony from afar. "I don't know anything about my biological parents and have no connection with them," she says. "I am at peace with that."

Her maternal grandfather was her mentor, and she knows he would be proud of where she has reached. "Being an only child creates a particular dynamic: it pushes you out into the world to find things," she reflects. "There's a certain aloneness that exists, even if you have brilliant parents and grandparents."

From Temp to Entrepreneur

Unlike some tech entrepreneurs who make billions while young, Drennan's success came later in life. She once dreamed of being a fighter pilot, an ambition thwarted by her gender. When she was a teenager, there were no female Top Guns. "Not at all," she says when asked if she always thought she would make it in business. "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."

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," she says. "We're servicing over $850 billion (£650 billion) of assets under management and will probably reach a trillion dollars this year."

Navigating Risks and Opportunities

Drennan is not worried by the Bank of England's warnings of risk building 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. "Private credit grew up alongside us, and 50 per cent of the debt we service is private credit-originated."

While she acknowledges legitimate questions about transparency in the alternative credit world, she remains bullish on the market. "There will always be cycles and challenges in any industry where money is lent, but I think private credit is still pretty strong."

Looking Ahead

GLAS recently made four acquisitions and is looking at others. But Drennan's focus is on becoming a digital company. "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."

Instead of focusing too much on deals, she says, "I'd rather spend my time on getting to a £5 billion, then a £10 billion company." 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 billion.

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