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@mongrel
Been annoying my HR department for a while about this and they've finally come back with a reply. I suspect they couldn't be arsed with the extra work, but here's their excuse for not getting involved:
"We can't do it because of possible legal ramifications. There have been some cases where the employer has been held liable for damages as they techinically own the bike."
PS thanks to everyone on this thread whose info helped me upt forward a strong business case to them...