A Toast To Panama Red is the fourth studio album by The Masters Apprentices, released in January 1972 on Regal Zonophone.

EMI's John Halsall called from London to inform them that Choice Cuts was receiving glowing notices in the English music press, including a rave review in Melody Maker.

"[2] Returning to Abbey Road in September 1971, the band were reunited with Jarratt and Brown, plus engineer (and Sgt Pepper's veteran) Richard Lush.

According to Keays, Wheatley had been working part-time at a management agency over the previous few months and had insufficient time to rehearse because of his day job.

Designed and painted by Keays, it was evidently a dig at the UK, and featured a grotesque psychedelic caricature of a bulldog's head wearing a Union Jack eye patch, its ears are skewered by an arrow from which dangles a tag, emblazoned with the album's title.