Thanks @DBMandrake !
Working great on my RBP2.
Thanks for letting me know @DBMandrake. I think I will stick with the solution of renaming the new kernel.img and reverting to the previous kernel.img which seems to be working fine and means I can use PARTUUID in my cmdline.txt for now.
Using the device node name always gives me grief as I have an external HDD plugged in as well as a USB install of OSMC.
When next months release is out though I will test out the fix to see how it goes.
I have built a Pi 1 version of the initramfs and I have tested that it actually works this time. 
I ended up having to build it on a Pi 1.
rbp1:
http://collaborate.osmc.tv/index.php/s/OkpI7MylULUyF1Y/download
rbp2/vero:
http://collaborate.osmc.tv/index.php/s/q7fxVeIlDzMA1v6/download
I have updated the Pi 2 version of the initramfs as well, a lot of further improvements have been made and what I have now is what will probably be shipped in the December kernel update, so it might be worth Pi 2 users who need UUID updating as well:
Remember to remove both the initramfs.gz and the initramfs line from config.txt after you update to the end of December update, otherwise it will continue to override the initramfs built into the kernel.
@DBMandrake Thanks! That latest update is all working for me on my RBP1 with my UUID referenced in cmdline.txt and running Kodi 15.2.
Thanks for all your help!
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