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@user20714
With Cyclescheme, you don't have to stay with your employer after the 1st 12 months. You effectively sign a new lease directly with Cyclescheme.
Removing the VAT charge does make the savings I calculated above significantly larger - thanks to Mirius and TW2 for clarification
If it helps I can post up the calculation (minus any retailer/scheme provider/employer charge) which shows the amended savings - in short there are savings to be had, they just aren't as big as they once were due to the amendment to the HMRC guidance on the value of the bike after 12 months