Blue chip corporate companies like those in the petrochemical, pharmaceutical and service sectors are playing a hugely important role in encouraging the market.

In a depressed economic climate, companies often fix upon a risk-averse approach to new business that could involve significant investment – such as projects that involve land remediation work. While this may be a good short term solution, in the long term, it can be damaging both to individual businesses and the industry as a whole.

Blue chip corporate companies are less inclined to be affected by economic downturn, particularly if their sector is recession-proof. Much of their work is also undertaken for corporate responsibility reasons. This means that, for those working in the remediation sector, the blue chip projects are a welcome relief from tough operating conditions.

Craig Sillars, Special Projects and Development Director at Churngold Remediation Ltd, comments: “Blue chip corporate companies like those in the petrochemical, pharmaceutical and service sectors are playing a hugely important role in encouraging the market. Not only do they typically stick to their budgets, but they are also in the process of cleaning up their historical liabilities, ready for offer to the market or as part of sale and purchase agreements.

“However, with the banks still unwilling to lend money, the development sector will not find it so easy. If the construction industry is to recover in a timely fashion, all developers need to take the opportunity to look to the future. They must carefully consider their development portfolio and ensure that all of the aspects inhibiting the start of a development are finalized, to allow work to be started rapidly once market conditions allow.”