I don't think they have a snowball in the sahara's chance of £25 M but I don't see it as not going to cost something.
Change of management is probably not relevant unless New management acted in a way that EI would say that they had no other option but to cancel.
Even then they will need to show that after making representations to new management nothing was done, leaving no option but to cancel.
I think like most disputes this will not go to Judgement, will see inside of court room but parties will come up with a negotiated settlement.