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@mashton
No, in fact your work owns ALL of the bike. But the general agreement is that at the end of the scheme (12 months) they will either give you the bike or sell it to you for a nominal 'market value' which is often quoted at 5% of the purchase price.
Here, I beleive, they just give you the bike.
Of course, if they are getting nerky you could say it was stolen, just before getting another one on the next year's scheme.