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@Khornight2
As for basic rate tax payers, I agree the way the scheme is run makes it less useful than say getting a bike in a sale (a lot of sale offers are restricted to not include c2w schemes), but there's more to it than. There are two rules that work very well together for people on really low wages.
The first is that as it's a salary sacrifice agreement, you can't sacrifice salary beyond the minimum wage.
The second is that if you offer the scheme to one person in your company you must offer it to all. You can't offer it only to the MD.
These two rules mean that someone on or very close to minimum wage could join the cycle scheme and not pay any monthly repayments.
#IAaBA*