In theory yes but there are caveats. The first is that you don't own the bike. Not even after its paid for. Technically you lease it from the employer. They can (but cannot commit to) sell it to you at the end of the lease. The price payable then is a percentage determined from a table prescribed by HMRC. If you keep the bike over 3 or 4 years then the table price is 5%/negligible. The firms that run the scheme for employers usually take that sum from you at end first year and transfer ownership later.
Alternatively you can take the bike a a taxable benefit and pay tax on the gain at your marginal rate - THIS IS THE WAY TO GO but your employer has to do paperwork and may not agree.
The savings are based on list price but you might get 'deals' on specific bikes, last year's model or whatever that dealer won't replicate on C2W because of commission payable to the outfits that employers use to facilitate the deal.
IME it works well for bikes that don't discount and have low depreciation such as a Brompton.
If I was buying a BS hybrid I'd be looking very carefully at vendor deals, interest free instalment schemes etc.
My wage slip says i have £53 deducted per month but thats before tax & ni etc. Think i end up paying about £32 a month ish 
. There are people who can explain it far better than me im sure they will be along soon lol
