I'd try something like this:
declare @replacement varchar(200)
set @replacement='test'
update testtext
set textcol=
substring(textcol,1, patindex('%company%',textcol)-1)
+@replacement +
substring(textcol,patindex('%company%',textcol)+len('company'),datalength(te
xtcol)-patindex('%company%',textcol)+len('company'))
from testtext

Signature
Hilary Cotter
Looking for a book on SQL Server replication?
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> Need to search through a database and remove references to a company from
> it. Grrr!
[quoted text clipped - 9 lines]
>
> whats the best approach?