The proposed co-operative venture seeking to unite the New Zealand wool industry has fallen short of its $65 million dollar target.

The Wool Partner’s Co-operative, set up late last year, was aiming to secure around 65 million kilograms of the nation’s strong wool clip, which would represent half of Kiwi wool growers.

The deadline for share commitment closed on Wednesday this week, with the final some 20 million dollars short of their requirement.

Wool Partner’s Co-operative Chairman Jeff Grant says there was never any suggestion to try to form the company with a reduced commitment, even though there are still cheques coming through the mail.

“Without any doubt at all, the modelling showed we could start the company at 30m

“It was our view, though that it would still require a large scale procurement of wool, a bigger operation.

“On that basis, 30m was not enough to provide the model we wanted to succeed in the industry.”

Mr Grant says it’s now back to the drawing board for the co-op team, after such a strong show of support.

“We’ve had tremendous support from growers in this first attempt.

“On the basis of feedback we’ve had from growers over the last ten days, the board has decided to work with other like minded growers to develop an alternative.”

And Federated Farmers wool spokesperson Bruce Wills says despite the perceived failure of the co-op, it showed there is a significant amount of goodwill around what they were attempting.

“I had several phone calls from farmers who have finally woken up to the idea and the concept and, and asked me ‘where do I send my cheque?’

I had to say ‘listen guys, you’re too late’.

“It’s a shame because I think everyone, well everyone I had spoken to -  wanted this to succeed.”

Agriculture Minister David Carter says as a sheep farmer himself, he can appreciate the efforts of the board, and is interested to see what happens next.

"Well I think that now we need to wait and see what’s going to happen next.

"I was prepared to support it.

"I had posted my check a long time ago, so I think that it’s disappointing that it hasn’t happened, but that was the option the farmers were presented with a pretty clear choice as to whether or not that wanted to further invest in their industry.

"A number did, but not enough to meet the threshold that the WPC imposed", he said.

Jeff Grant says the board will spend the next few weeks discussing options for the future.

Head here to view the WPC statement.