I've found the solution to this problem. The issue was a corrupt configuration file. For anyone else with the same problem, this is how I fixed mine:
Backup your appdata folder - you can find its location in options -> general -> application data.
Create a new set of user files using Utilities -> Copy User Settings -> Create clean set of user files. Make sure you are running Toad with administrator rights.
Note that the above will delete all your saved connection details (schema names, passwords, connection strings), so take a note of these.
Hope this helps someone in the future.