The UK based, film manufacturing part of the old Ilford company was indeed the subject of a management buyout. The new company is called Harman Technology Ltd, and they trade under the names Harman Photo (selling 'Professional Inkjet Media') and Ilford Photo (selling 'Black and White Photographic Products '). As I understand it, the Ilford name is licenced solely for use on traditional photographic products from the Swiss owners (Ilford Imaging) who still use it on their own Ilford Galerie-branded inkjet products.
Many people regard the new Harman Technology owned Ilford as being the 'old' company, in the sense that this Ilford is once again the UK-owned photographic-focused company that it was in its heyday. Also, as it's run by the same people from the same location as before, little has changed other than the ownership.