Shoppers who enter a special code found on one million packs of FGS into www.fgswiggle.com will have the chance to win one of 100 Veranti Millook bikes, each of which has a retail value of £1,200. Everyone who enters will receive a £5 discount at www.wiggle.co.uk.
The promotion would tap into the passion for cycling that had gripped the nation, said Alex Brooks, senior brand manager at For Goodness Shakes.
"Cyclists are big users of sports nutrition products and cycling's on a major high after the 2008 Olympics and with London's cycling super-highways and bikes for hire scheme," he said.
FGS's turnover currently stands at about £6m and it hopes the promotion will drive a 20% uplift.