Basically works like a salary sacrifice ‘loan’, the scheme used to be much more user friendly but alot of the allowance ‘loop holes’ were closed so is now only really viable if the company is vat registered as your co can claim the vat back, one note of caution the bike is the property of the company not you, but at the end you of the repayment period the ownership can be transferred to you (morally how the scheme was supposed to work), you can pay a fee (might be nominal or expensive depending on the provider) to ‘buy’ title to the bike (how the large players in the market do it) or you can hand the bike back…..