Cyclescheme issues one millionth Cycle to Work voucher

Having set out as one of the pioneering businesses in the cycle to work marketplace, rising to popularity from 2005, Cyclescheme has just issued its one millionth customer voucher.

Working alongside over 2,000 UK bike shops and in its more recent history a handful of brands directly too, Cyclescheme’s offering to the consumer offers up the chance to save between 26% and 40% on a bike sale, plus accessories. Payments are taken via a tax-efficient salary sacrifice scheme, though the scheme remains out of reach of some low earners and the self-employed; a point that has been the focal point of criticisms on the legislation.

CyclingIndustry.News sought to learn more about the peaks and troughs of the cycle to work scheme from Cyclescheme and while no official numbers were given, a graphic handed to us illustrated a further element to the Covid-led ‘bike boom’, as well as the dips aligned to an End of Hire legislation adjustment at the start of the last decade and latterly the removal of VAT savings many years later. In 2009 the business was “recognised as the fastest-growing private company in the UK by The Times having quoted 348% growth in three years.”

In its history over 4,000 retailers have been participants, suggesting that shop partnership has dropped off sharply. This decline in partnership is likely to have been spurred by controversy about commissions, which Cyclescheme moved on marginally on the back of complaints in 2020.

Neil McGuigan, Sr. Manager, Product Implementation at Cyclescheme, said, “This is a momentous milestone for Blackhawk Network. We are proud that our Cyclescheme benefit has opened the world of cycling to so many employees and boosted trade for industry retailers. We’ve generated £750 million for the cycle industry since our inception, and we look forward to fulfilling the next million Cycle to Work scheme certificates and continuing our journey in creating more cyclists.” 

Now owned by the Blackhawk Network, the milestone comes not long after the provider pledged to the Bicycle Association’s Investors in Cycling advocacy programme.

Cyclescheme has worked with over 50,000 employers to date.