I got a letter through from Evans today. HMRC have taken an interest in this scheme and issued guidelines for what constitutes 'fair market value'. Seems like it's better now to hire the bike for 2 or 3 years so the end cost is lower.
http://www.evanscycles.com/ride2work/new-hmrc-guidance
http://www.evanscycles.com/ride2work/new-hmrc-guidance
