Rising prices for UK wool are enough to warm the heart of any knitted seasonal jumper-clad heritage lover. Values still have a way to go before they might improve the lot of sheep farmers but in the meantime, there’s a branding opportunity for entrepreneurs who fancy their chances of spinning a good yarn.

Wool prices have, over the long term, fallen so far that it costs at least as much to shear a sheep as the fleece is worth. The recent average auction price of ￡1.21 a kilo to farmers represents a nine-year high, but shortly after the second world war it was closer to ￡19 a kilo in today’s money — before synthetic fibres unravelled the industry’s finances.

There’s therefore little value for the owners of flocks. Wool prices would need to rise at least 10-fold before sheep farmers would even think of ranking fleece considerations alongside lamb prices, estimates Andrew Hogley, chief executive of British Wool, which organises the industry’s sales.