Is it possible to tell excel that if a cell has the word 'HOL' in it then it
should extract a value from a specific cell on a separate spreadsheet?

If so can that formula be incorporated into the one below which is used for
automatically deducting breaks based on time worked.

=(H7<6)*H7+(AND(H7=6,H7<8)*(H7-0.5))+(H7=8)*(H7-1)