Not really an answer towards the vm's, but It depends largely on what you are running on the machines and if you can rebuild the apps to use web or worker roles as far as I've experienced. (Basically if you can rebuild them to cloud based apps)
I don't know what you are running on the machines and what EUKHost.com exactly offers.
But the auto scaling web roles are great if you have traffic peaks. Running a website during the day on 4 small roles and at night on 2 small roles saves you $60 off your bill without any real effort.
Not tested this, but I assume you can also for example run nightly builds on a tfs build server and when it's done shutdown the machine and you only pay for the minutes that it has been active.
Most of the smaller VPS hosting providers I've seen only allow you to rent it for the full month.
Storing 200gb of data on azure storage will cost you 20 bucks ( and 10 extra for 100 million transactions), so if that stuff you have stored in the db can also work in table storage, then you can save money there. But that's just guessing, because I don't know what's in the 200gb database
Btw. you can also signup for free for tfs online services, that might save you running the tfs server yourself.