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British Wool launches new entrant scheme

New entrants will be able to receive 100% of their clip value as an upfront payment for their first two years.

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British Wool launches new entrant scheme

Launching for the 2018 season, new entrants into the sheep industry will be able to receive an upfront payment from British Wool through a new initiative to encourage young farmers into the industry.

 

For the first two years, producers will receive 100 per cent of their clip value upfront, alongside a priority wool in-take and grading service through British Wool’s nationwide depot network.

 

Producers will then transition on to the standard payment scheme over the next three years with payments adjusted so they receive the same amount over the 5 year scheme as they would on the standard payment scheme.

 

Joe Farren, CEO said “Investing in the future of the industry is an essential part of our strategy, and we want to play a key role in encouraging young farmers into the industry.


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“Any start up business requires support to be successful, so increased up-front payments during the first two years will help ease the pressure on cash flow.”

 

Appeal

 

“Through this initiative we hope to appeal to young farmers’ to market their wool through us, and thus safeguard the long term future of British Wool for the benefit of all our members.

 

“Eligible producers will be paid exactly the same prices as all our producers. This is purely an early years’ cash flow support scheme.”

How it works

  • Year 1 - the advance payment will be set to 100% of the prior year’s clip value.
  • Year 2 – the advance payment will be set to 100% of the prior year’s clip value plus or minus any balance from the previous year.
  • Year 3 – the advance payment will be set to 75% of the prior year’s clip value plus or minus any balance from the previous year.
  • Year 4 – the advance payment will be set to 50% of the prior year’s clip value plus or minusany balance from the previous year.
  • Year 5 onwards – the advance payment will be set to 25% of the prior year’s clip value plus or minus any balance from the previous year.
  • Year 6 onwards – payments will be in line with all other British Wool registered producers.

In order to be eligible for the scheme a producer must not have previously been registered with British Wool and have kept sheep for fewer than 5 years.

 

Full details of the scheme and an application form is available from www.britishwool.org.uk

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