There is no possibility of Ulster Wool closing its depot in Muckamore, Co Antrim, a spokesperson for the organisation has said.

Earlier this month, Ulster Wool’s parent company, British Wool, announced that four of its 12 depots in Britain would be closed as part of a “major cost-saving initiative”.

On enquiry, a spokesperson for the company said that closure of its only depot in NI was not being considered.

Important market

“NI is a very important market for the group and one where we want to increase our market share over the next few years,” the spokesperson said.

However, financial difficulties remain for the organisation, with the spokesperson describing the closure of key markets due to the COVID-19 pandemic as “extremely damaging”.

“The financial impact of this has been the lower returns we have been able to pay producers for their wool,” they said.

Despite demand picking up for some finer wools, Ulster Wool states that prices remain “very depressed” at present. The main issue is the oversupply of crossbred wool on global markets.