FREIGHT forwarders YRC Logistics, which has a Hampshire branch, has been sold in a £25m deal.

Texan venture capital firm Austin Ventures has bought the Surrey headquartered group from its parent YRC Worldwide and immediately re-branded the business back to the group's original name MIQ Logistics.

Bosses said they now planned to grow the Calmore operation and expected to increase the numbers of staff from the current 15.

They've set up a bonded warehouse to capitalise on the stream of potential trade at the docks and hired a new telephone sales team to drive business in their target retail and marine sectors.

Thanks to its YRC history, MIQ Logistics begins life with some familiar household names on its books like Ben Sherman, Oakley & Cath Kidston. The US based company specialises in international freight forwarding, customs brokerage, transportation management, truckload services, and dedicated warehouse and fulfilment services in North America, Latin America, Europe and Asia.

David Lack, partner with Austin Ventures, said: "Austin Ventures is looking forward to embarking on this next step and partnering with management to build upon the successful history of YRC Logistics. We are committed to growing and expanding the business."

MIQ's James Clark said: "These new owners will provide stability and security for the organisation and will help to bring potential new jobs to the recently established Southampton warehouse facility.

"The retail sector represents a particular opportunity for us as it recovers from the economic turmoil of the last 18 months. Logistics and distribution are often the unsung heroes of the retail operation. Customers are quick to take for granted the availability of products. Today's consumer demands shelves stocked with the items they want, available in their size, on the high street.

"It's a challenging market and, with the surge in oil prices, combined with high stock demand and eroding customer brand loyalty, there is an increasing need for leaner, more agile supply chains."