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@Bagheera
Not being very bright with the whole numbers/excel thing.... (I'm more Word and Powerpoint).... isn't it now looking like the ideal way forward is to find a couple of things in your contract which you do not take advantage of: say interest free loan for a season ticket + the ride to work scheme + say free nursery vouchers: and see if you can negotiate a replacement for those perks with the company re-embursing you for the purchase price of a/the bike - then putting it through as a one-off payment on PAYE?
I worked for a major global corporation, where the local Head of HR was a total grown-up, and he was always up for ways to keep employees motivated around pay and conditions. All it required was proof that such things were not of massive disproportionate benefit and he'd just authorize a letter changing your T&C's on the dropping of one set of benefits for another if you wanted to suggest it. tbh though it worked better when interest rates were higher.
That way you'd get the bike, to own, in return for the tax break on it, no taxable benefit either as all sorted through PAYE.