When I first encountered this stuff, I was sure that its name was a derivative of horehound. But, that's not the case. Horlicks gets its name from James and William Horelicks, two brothers who created the beverage in 1873 as an artificial infant food. In recent years, the term horlicks has somehow become part of British slang. It's often used in place of the word "bollocks". It has also been used to describe something that is very disorganized.
Horlicks is roughly comparable to Ovaltine in the United States. There are even those who claim that Ovaltine helps you sleep. All things considered, I would be more more comfortable asking someone for some Ovaltine than I would be asking someone for some horlicks.
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