Mia Drennan’s entrepreneurial odyssey began with a missed promotion and a mountain of credit card debt, but it has since blossomed into a billion-pound enterprise. The founder of Global Loan Agency Services (GLAS) has transformed her vision into a financial powerhouse, boasting an impressive valuation and a significant personal stake. In an inspiring interview, Drennan shares her story of tenacity, innovation, and the importance of believing in oneself.
A Vision Born from Crisis
In the wake of the 2008 financial crisis, while many shied away from risk, Mia Drennan seized the moment to create something extraordinary. As trust in traditional banking eroded, she envisioned GLAS as an impartial debt administration service to streamline the complexities of large financial transactions. Armed with just £6,000 and an unyielding resolve, Drennan, alongside her business partner Brian Carne, launched the company in 2011.
Fast forward fifteen years and GLAS has flourished with 14 offices spanning the UK, US, EU, Singapore, Hong Kong, and Dubai. Now valued at a staggering £1 billion, Drennan’s personal share is estimated at around £230 million. Her remarkable achievements have earned her the title of EY’s 2025 Entrepreneur of the Year, and she is now vying for the global accolade.
Turning Setbacks into Opportunities
Drennan’s journey to entrepreneurship was anything but conventional. Initially aspiring to be a fighter pilot in the 1980s, she faced barriers due to gender restrictions. Instead, she pursued a career in the City, where she temped before securing a pivotal role at KPMG. This experience proved critical as it laid the groundwork for her future successes in finance.
After a stint at a law firm and a successful tenure at Citibank, Drennan encountered a significant setback when she was overlooked for a promotion at the Bank of New York. Rather than succumb to disappointment, she pivoted, founding Square Mile Connections, a business that continues to thrive today. However, her true passion for transactional work propelled her back into the entrepreneurial arena, leading to the inception of GLAS.
Building GLAS: The Early Days
With little savings and a sky-high ambition, Drennan placed her half of the initial investment on a credit card. The early days were fraught with challenges, including the arduous task of securing clients. It took 400 meetings over four months before GLAS landed its first deal—an achievement that cemented its place in the market.
The company’s trajectory changed dramatically after securing that first contract in June 2012, which came from prominent law firms seeking assistance with a complex German transaction. This initial success opened the floodgates, leading to a string of lucrative deals that would establish GLAS as a key player in debt administration.
A Legacy Beyond Lifestyle
Drennan believes that entrepreneurs must define their intentions early on: whether they aim to create a lifestyle business or a legacy company. The former may provide a comfortable living, but those aspiring to leave a lasting impact must adopt a different mindset. “Decide what you want before you start,” she advises, highlighting the importance of planning for long-term success.
Despite the hurdles she faced, Drennan is a beacon of hope for aspiring female entrepreneurs. She acknowledges the systemic barriers that women often encounter in securing funding, yet encourages them to pursue their ambitions. With initiatives like the Invest in Women taskforce and the SuperScalers programme, there is now more support than ever for women looking to scale their businesses.
Why it Matters
Mia Drennan’s story is a powerful reminder of the resilience and ingenuity required to succeed in the ever-evolving business landscape. Her journey not only underscores the potential for entrepreneurial success following personal setbacks but also highlights the importance of empowering women in business. As more female founders emerge, driven by ambition and creativity, they can reshape the financial landscape, proving that with vision and tenacity, remarkable achievements are within reach.
