A denigrating term used to refer to anything Serco. Can be used as a prefix as shown below
I was in Toasterspace yesterday.. What a dump.
Never mind him he's just another toaster.
That Toaster Ale is pretty good
The origin of the word is nebulous, but is believed that after adoption of the color red on all fleet ships bystanders noticed it matched the color of heating filaments on a primitive toaster. While other theories abound this is the one accepted most by people likely to use it.