Error: "Tried initializing facilities before licensing was setup" when launching or starting Toad (4311613)

Had installed the Trial edition but the license had expired and was given a new trial key. I used the new key and it was accepted OK, however, when I launched again I got the following error:

System.Exception
Tried initializing facilities before licensing was setup
Stack Trace:
at Quest.Toad.Util.FacilityFactory.CheckInit()
at Quest.Toad.Util.FacilityFactory.GetFacilities(String facilityPath)
at Quest.Toad.Db.Provider.GetProviders()
at Quest.Toad.ConnectionManager.ConnectionHierarchy.RootNodeInitialization(ConnGroupNode node)
at Quest.Toad.ConnectionManager.ConnectionHierarchy..ctor()
at Quest.Toad.ConnectionManager.ConnectionHierarchy.get_Instance()
at Quest.Toad.StartupForm.LoadAssemblies()