I doubt it, that's my instinct.
Over on watmm we were discussing how they manage to release such little music and survive, as they obviously don't need to release music under BoC to pay the bills. So perhaps they do a lot of background work, mastering, production etc etc. Who knows?
There is a chance they might be remixing under a different alias, perhaps releasing the odd 12", but a whole album? I doubt it very much, but I could be wrong.
It all depends on the deals they have signed with Warp. A lot of record companies wouldn't allow it to happen but with Warp who knows? They very well let them go off and release music with a different company. As long as the big BoC album is guarranteed, then maybe.
I found this track, they are from Glasgow, if they were from Edinburgh then I would be a bit more suspicious. Ltd to 300 vinyl.
http://www.youtube.com/watch?v=Fq8lNWIfhNI
With BoC you never can tell.