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@tom.
There are lots of ways to do the scheme. Basically, your company buys stuff for you to use for work (generally commuting) and they withhold the cost of the stuff from your salary over the course of a year. At the end of the year they often decide to sell the stuff to the employee at "fair market value" (normally 5% of original price), although there can be no obligation for them to do this.
As long as the company is buying the bike, how they choose to do it is their choice. In practise it is unlikely that they will be willing to faff around with something when they can go for vouchers. There are several companies that operate voucher schemes and I know that Mosquito accept the two main ones.
Don't forget that you get the best discount where your employer and the seller are registered for VAT, etc.
Also, contrary to what has been said above you can get as many bikes as you can justify from as many different suppliers as you want. You may be restricted, however, by the value of the vouchers (i.e. to the nearest £100). If you want to buy one bike to cycle from your house to the local train station and a second for the destination station to work, that is fine. If you want to buy a jacket or tools, that is fine too.
There are some good resourcesfrom the Department Of Transport available if you look on Google.