Replace part of formula VBA

Hi all,
I would like to construct a macro that will search through all formulas in a coulmn and replace a given value #REF! with another value CP69!

I get no errors when I use the code below, but nothing happens to the formulas either.

Sub Updateformulas()
Worksheets("Consolidation").Activate
Range("U:U").Select
Selection.Replace What:="#REF!", Replacement:="CP69!", LookAt:=xlPart, SearchOrder:=xlByRows, MatchCase:=False, SearchFormat:=False, ReplaceFormat:=False
End Sub