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Rivnut doubly-secured with epoxy is how I've replaced bottle cage mounts in the past.
Got some spare alu M5 rivnuts I'd be happy to pop in the post.
@pastry_botEdit - just realised it's a steel frame so an alu rivnut may corrode
A steel rivnut, splined for preference, and a blob of epoxy should be fine. If you want a suitable rivnut, let me know. I have many.