The voices that are all chopped up during the song are saying "now this is very irresponsible" there is also a Scottish accent saying "yer no gonnae" which translated means "you are not going to..." [Steven Harran]
Perhaps a reference to telophase, a part of cell division; the idea of a biological "workshop" [DC].
Telephasic: Tele: Of the mind, phasic: synchronized. This might be the meaning behind Telephasic Workshop; a meditative environment in which two or more individuals attempt to share a telepathic vision or idea. [Skytree]
[Ken Stewart] - a possible reference (which seems more plausible than either of the above) to the BBC's Radiophonic Workshop, where interesting music and sound effects were produced for various TV programmes like Dr Who. It is located at Maida Vale where, incidentally, BoC recorded their Peel Session.
As Ken suggests, the "radio-" part of "radiophonic" becomes "tele-" (from "television", as opposed to radio; also sounds like "telly"); while "-phonic" becomes "-phasic". In greek, "tele" means "from afar", "at a distance", and "phonic" means "relating to, or having the nature of sound, especially speech sounds" (Greek "φωνη", meaning "sound", properly, "sound of the voice"), while "phasic" means "relating to the production of speech" (from Greek verb φημι, "to speak"). So "telephasic" is "speaking at a distance", but the word is also a kind of analogue, in its construction, to the word "radiophonic" (→"telly-phasic").