When I did Google search on this I found some articles on how to strip HTML from SQL and one of those articles inspired me to write a user defined function which does replace within the text and preserves the HTML as it is.
The below is the user defined function written by me as inspired from the article
SQL SERVER – 2005 – UDF – User Defined Function to Strip HTML – Parse HTML – No Regular Expression
CREATE FUNCTION [dbo].[udf_ReplaceHTMLContent]
(
@HTMLText VARCHAR(MAX),
@Find VARCHAR(MAX),
@Replace VARCHAR(MAX)
)
RETURNS VARCHAR(MAX)
AS
BEGIN
DECLARE @Start INT
DECLARE @End INT
DECLARE @Length INT
DECLARE @UpdatedHTMLText VARCHAR(MAX)
SET @UpdatedHTMLText = ''
SET @Start = CHARINDEX('<',@HTMLText)
SET @End = CHARINDEX('>',@HTMLText,CHARINDEX('<',@HTMLText))
SET @Length = (@End - @Start) + 1
WHILE @Start > 0
AND @End > 0
AND @Length > 0
BEGIN
SET @UpdatedHTMLText = @UpdatedHTMLText + Replace(SUBSTRING(@HTMLText, 0, @Start), @Find, @Replace)
SET @UpdatedHTMLText = @UpdatedHTMLText + SUBSTRING(@HTMLText, @Start,@Length)
SET @HTMLText = STUFF(@HTMLText,1, @Start + @Length - 1,'')
SET @Start = CHARINDEX('<',@HTMLText)
SET @End = CHARINDEX('>',@HTMLText,CHARINDEX('<',@HTMLText))
SET @Length = (@End - @Start) + 1
END
if @UpdatedHTMLText = ''
SET @UpdatedHTMLText = @UpdatedHTMLText + Replace(@HTMLText, @Find, @Replace)
RETURN LTRIM(RTRIM(@UpdatedHTMLText))
END