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croft
If I were going to buy another bike now I'd seriously consider a new credit card with 0% on purchases for 24 months (the 0% usually only applies to purchases within the first 3 months), buy a bike on it, chop the card up and then make the minimum repayments (usually 2.5% of balance) and then pay the final chunk off before any interest kicks in.
Sure the cycle scheme saves you 25% (or 35% if higher rate tax payer) once you include the 7% end of hire fee (for a bike >£500) but it's a bunch of hassle and often limits you to non-sale bikes.
End of year sales can often give you more than 30% off (especially last year's models) so you've got a chance of saving more than you would with the cyclescheme and spread the repayment over a longer period. You then also don't have to worry about vouchers, end of hire fees, or even £1000 or £1500 limits. Also, you're free to change jobs and not have to buy your way out of the scheme.