It was an entirely "amicable dissolution". The group had recently released a critically-acclaimed album (though I don't think we reviewed it here. Never mind) through Warp Records.
"They came together for a period of time to create something special and unique, which they succeeded in doing, and now they're focused on fulfilling their respective musical and creative visions," said their manager, curiously. Translated: the three of them will have solo careers.
Obviously, all live dates have been cancelled as a result. Doesn't take a genius to work that out.