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So the risk of losing out on the value of anything you've paid in cash to an LBS is minimal.
Minimal but still a risk. The scheme my employer uses is very vague about what happens at the end of the 12 month period, I took £400 a few years ago and got away with no final market value payment or anything but if you end up paying that it makes it barely worthwhile and often possible to find stuff discounted for cheaper than full rrp minus the tax saving.
M_V
Employer typically will own the bike for the first 12 month lease, but ownership then transfers to the scheme operator if the lease is extended (for peppercorn terms; to maximise tax savings) for the remaining years.
Mention this as, for many, the idea of their employer wanting to take back a 12 month old bike seems quite far fetched. I mean, what are they going to do with them? So the risk of losing out on the value of anything you've paid in cash to an LBS is minimal.
However a nationwide cycle to work scheme operator could feasibly see the value in taking back bikes from the scheme, then flogging en mass.