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 by Tube. Yet, she has since become the head of GLAS, a high-end loans administration business that she founded with just £6,000. The company recently reached a valuation of £1 billion, making it a rare 'unicorn' — a start-up valued at over a billion pounds.
Drennan's achievements have not gone unnoticed. Last year, she won the Entrepreneur of the Year UK award, organized by EY, and now represents Britain at the world finals, an event held in Monte Carlo later this month. For Drennan, the award was more than just recognition; it was a moment of self-realization.
'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.'
Overcoming Self-Doubt
Despite her success, Drennan admits she struggled with imposter syndrome for much of her life. It wasn't until she won the UK award that she began to feel 'good enough'. Now, she aims to grow GLAS to at least £5 billion, possibly even £10 billion.
If she wins the world finals, Drennan would be the first British woman to triumph in a competition that blends elements of Eurovision and The Apprentice. 'I hope it's not nul points for Britain,' she jokes. 'I'm just going to go in and fly the flag for the UK and female entrepreneurs.'
The company's valuation came on New Year's Day when UK private equity firm Oakley Capital took a majority stake in GLAS. This deal involved a team of ten working around the clock over Christmas. Drennan recalls the moment she realized the deal had been finalized.
'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,' she says. 'At 11 o'clock that night, my husband was asleep on the sofa and I was watching TV. A DocuSign notification came through saying: Congratulations, you've signed. I went downstairs, poured myself a glass of champagne, and just sat with it for about half an hour.'
A Supportive Network
Stuart, Drennan's husband, 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, as is her best friend, who is flying over from Australia for the occasion. Her adoptive parents will be following the ceremony from afar.
Drennan describes her adoptive parents as 'wonderful', adding: 'I don't know anything about my biological parents and have no connection with them. I am at peace with that.' She reflects on the impact of being adopted, saying: 'Being an only child creates a particular dynamic: 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 where she has come. '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 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 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.'
Navigating Risks and Opportunities
Drennan is aware of 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. 'Private credit grew up alongside us, and 50 per cent of the debt we service is private credit-originated.'
While acknowledging concerns about transparency in the alternative credit world, she remains optimistic. 'I think there are legitimate questions about transparency in the alternative credit world. But we are very 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.'
GLAS recently made four acquisitions and is looking at others. However, Drennan's focus is on transforming the company into a digital entity. '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.
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