Anthony’s Coal Fired Pizza & WingsFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A Anthony’s Coal Fired Pizza & Wings franchise requires a total initial investment of $810K – $1.2M, including a $50K franchise fee and an ongoing 5.5% royalty[2]. Per the 2023 FDD, average unit revenue was $2.1M[2]. Verdict grade: A. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2023 FDD issuance
Overview
- Investment
- $810K – $1.2M
- 41st pct Service Resta…
- Avg gross sales
- $2.1M
- 22nd pct Service Resta…
- Royalty
- 5.5%
- 24th pct Service Resta…
- Units
- 60
- 38th pct Service Resta…
- SBA default
- N/A
Quick verdict · Full-Service Restaurants · color = vs category peers
Green = >15% above Full-Service Restaurants avg · No shading = within ±15% · Red = >15% below avg · Source: FDD filings + SBA 7(a)
Data from public FDD filings and SBA records. Not financial advice. Methodology
Started franchising in 2023. Newer systems carry more uncertainty but may offer better territories.
The franchisor's auditor raised doubt about continued operations. This is a serious risk signal.
Bottom line
- Total investment $810K – $1.2M including a $50K franchise fee, 5.5% ongoing royalty.
- Average unit revenue of $2.1M/year (median $2.0M).
- Verdict A (Top Quintile) with a risk score of 34/100.
- Auditor disclosed a going-concern note, which flagged doubt about the franchisor's ability to continue operations. Verify against the latest FDD.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- ACFP Management, Inc.
- Parent company
- Hot Air, Inc.
- CEO title
- Chief Executive Officer
- Ian Baines
- Incorporated in
- DE
- HQ
- 200 West Cypress Creek Road, Suite 220, Fort Lauderdale, Florida 33309
- Auditor
- KPMG LLP
- Audited financials
- Franchisor revenue
- $68.9M
- vs $178.7M prior year
- Management churn noted
- Frequent turnover
- Item 2 disclosed frequent executive changes
- ⚠ Going-concern note
- Disclosed in FDD 2023
- Status as of 2023; may have been resolved in a later filing we don't yet have.
Overview
About
Franchisees operate fast-casual coal-fired pizza and wings restaurants, managing food preparation, customer service, inventory, and day-to-day operations. Revenue averages $2.1M annually with royalties of 5.5% of gross sales. Operators must maintain brand standards, manage labor costs, and drive local marketing within their protected territory.
- CEO
- Ian Baines
- Headquarters
- FL
- Founded
- 2011
- FDD year
- 2023
- States available
- 8
FDD Item 7 · 2023 filing · 15 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Franchise Feenot refundable | $50K | $50K | |
| Rentnot refundable | $20K | $36K | |
| Security Deposits | $10K | $25K | |
| Leasehold Improvementsnot refundable | $350K | $562K | |
| Equipment, Furniture and Fixturesnot refundable | $300K | $350K | |
| Insurancenot refundable | $6K | $10K | |
| Permits and Licensesnot refundable | $3K | $15K | |
| Initial Inventorynot refundable | $20K | $30K | |
| Signagenot refundable | $4K | $15K | |
| Grand Opening Advertisingnot refundable | $15K | $30K | |
| Architecture & MEP Drawingsnot refundable | $20K | $35K | |
| Travel Expenses for Trainingnot refundable | $0 | $15K | |
| Professional Feesnot refundable | $3K | $7K | |
| Opening Assistancenot refundable | $0 | $15K | |
| Additional Funds (3 months)not refundable | $10K | $45K | |
| Total initial investment | $810K | $1.2M |
Line items extracted from FDD Item 7. Ranges reflect the franchisor's stated low and high per line. Total is the sum of line-item lows / highs — actual costs may fall outside this range depending on market and build-out scope.
Single-unit · estimated
Returns at a glance
Indicative numbers using FDD Item 7 / Item 19 inputs and category-benchmarked cost ratios. Full single-unit, 25-unit portfolio, and LBO models (with every input editable to stress-test your own scenario) live on the financials page.
Store EBITDA · annual
$223K
10.5% margin
Unlevered ROIC
21%
EBITDA / total invested capital
Payback
4.7 yrs
cash-on-cash, unlevered
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $810K – $1.2M
- Near category avg vs category
- Liquid capital req'd
- $10K – $45K
- Better than avg vs category
- Franchise fee
- $50K – $50K
- Better than avg vs category
- Royalty
- 5.5%
- Gross Sales · typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 7.5%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 5.5% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $100 |
| Training fee | $2K |
| Transfer fee | $13K |
| Renewal fee | $13K |
| Total fee load | 7.5% of rev |
Financial Performance
- Avg gross sales
- $2.1M
- Per unit, per year
- Median gross sales
- $2.0M
- Item 19 type
- Actual
- Sample size
- 60 units
- vs category median 13 · large
- Range (low → high)
- $1.1M→$4.1M
- Cohort dispersion (min → max)
- Quartile band
- $1.5M→$3.0M
- Bottom 25% → top 25%
- Transparency
- 7 / 5
- vs category median 4 / 5 · above
Compared against 1264 Full-Service Restaurants brands
vs Full-Service Restaurants averages
How Anthony’s Coal Fired Pizza & Wings Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 60
- Opened
- 0
- Last reporting year
- Closed
- 0
- Terminated
- 0
- Franchisor ended the franchise (per Item 20)
- Non-renewed
- 0
- Term expired, not renewed (per Item 20)
- Turnover rate
- 0.0%
- Company-owned
- 60
- Corporate units in the system
- % franchised
- 0%
- vs corporate-owned
- Multi-unit owners
- 1.0%
3-year detail · Item 20
- Transfers (3yr)
- 0
- Projected new
- 0
- Franchisor's next-year forecast
- Ceased ops
- 1.7%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 3 states with active franchisees
The Territory Map
Derived from franchisee contact records. Shows states with at least one current operator. Not where the franchisor is registered to sell new units (that data is re-extracting in a future refresh).
States derived from franchisee contact records (FDD Item 20). Shows states with at least one current operator on file. Full state registration data (Item 12) will appear on a future FDD refresh.
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA 7(a) and 504 loan disclosures, public data unique to FranchiseVerdict.
- Total loans
- 169
- Loan volume
- N/A
- Amount data pending
- Median loan
- N/A
- Charge-off rate
- N/A
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- N/A
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 0
- Defaults
- 0
Explore lender portfolios on Bank Reports or regional data on State Reports.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Meaningful litigation exposure, opaque unit economics, stagnant growth, and corporate financial fragility create elevated risk despite moderate investment requirements and protected territory.
Litigation (Item 3)
Two franchisee lawsuits against BurgerFi International, LLC. First case (DAJA I, LLC) settled October 28, 2020 with franchisee dropping all claims and terminating agreements. Second case (Burger Guys entities) filed May 21, 2021 alleging fraudulent inducement regarding franchise purchases and marketing agreement investment.
Bankruptcy (Item 4)
None disclosed
Audited financials (Item 21)
Yes · KPMG LLP⚠ Going-concern note flagged
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: Yes
- Kickbacks from required suppliers: No
- Must buy proprietary products: Yes
- Restricted to system-approved products: Yes
- Can negotiate own supplier terms: No
Score breakdown · what drove the 34 / 100 rating
- 01HIGHPending litigation (2021) involving fraudulent inducement allegations related to Florida franchise locations creates unresolved legal exposure
- 02MEDNo disclosed average net income despite $2.1M average revenue makes ROI analysis impossible; 5.5% royalty on $2.1M = ~$117K annual royalty burden
- 03MINORUnit count stagnation at 60 units with unknown growth trajectory suggests market saturation or franchisee underperformance
- 04HIGHGoing concern status indicates financial instability at corporate level, raising questions about franchisor support and viability
- 05HIGHAffiliate BurgerFi litigation history (2020 settlement + pending case) demonstrates pattern of development agreement disputes and raises reputational risk
Severity inferred from the FDD text · not a regulatory classification
FDD Items 5, 6, 12, 17 · continued from Risk & Legal
Contract & Territory Detail
| Initial term | 10 years |
|---|---|
| Renewal term | 5 years |
| Allowed renewalsℹ | 2 |
| Territory type | Circle |
| Protected territory | Yes |
| Exclusive territoryℹ | No |
| Online sales rightsℹ | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Required |
| Non-compete (years)ℹ | 2 years |
| Non-compete (miles)ℹ | 5 mi |
| Right of first refusalℹ | Yes |
| Transfer requires consent | Yes |
| Termination notice | 30 days |
| Mandatory arbitration | No |
| Jury trial waiver | Yes |
| Governing law | Florida |
| Litigation count | 2 |
View Item 3 litigation summary
Two franchisee lawsuits against BurgerFi International, LLC. First case (DAJA I, LLC) settled October 28, 2020 with franchisee dropping all claims and terminating agreements. Second case (Burger Guys entities) filed May 21, 2021 alleging fraudulent inducement regarding franchise purchases and marketing agreement investment.
Items 10, 11
Training & Operations
- Classroom training
- 92 hrs
- On-the-job training
- 324 hrs
- Training location
- On-site at restaurant
- Ongoing training
- Required
- Time to open
- 11 mo
- From signing to launch
Items 5 & 11
Franchisor Support
Item 20 · call current owners
Franchisee Contacts
3 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Anthony’s Coal Fired Pizza & Wings · FDD (2023) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Anthony’s Coal Fired Pizza & Wings franchise?
The total investment to open a Anthony’s Coal Fired Pizza & Wings franchise ranges from $810K – $1.2M, with an initial franchise fee of $50K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Anthony’s Coal Fired Pizza & Wings franchise owners earn?
According to Item 19 of the Anthony’s Coal Fired Pizza & Wings FDD, the average gross sales per unit is $2.1M. The median is $2.0M. Note: this is gross revenue, not profit. Actual owner earnings vary based on location, operating costs, and management.
What is Anthony’s Coal Fired Pizza & Wings's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Anthony’s Coal Fired Pizza & Wings (fewer than 10 loans on file). Charge-off rates are one way to gauge franchise risk, but not all franchise loans go through the SBA program. We recommend reviewing turnover and closure data in the FDD and speaking with current franchisees.
How many Anthony’s Coal Fired Pizza & Wings franchise locations are there?
As of their most recent FDD filing, Anthony’s Coal Fired Pizza & Wings has 60 total units in the United States, including 0 franchised units and 60 company-owned units.
Is Anthony’s Coal Fired Pizza & Wings a good franchise to buy?
FranchiseVerdict rates Anthony’s Coal Fired Pizza & Wings as a A-grade franchise with a risk score of 34 out of 100, based on our analysis of investment costs, revenue data, SBA loan performance, and growth trends. Our rating is based solely on publicly available FDD and government data; we recommend speaking with current franchisees before making any investment decision. This is not investment advice.
Data sourced from public FDD filings and SBA 7(a) FOIA records. Not financial advice.
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Data extracted from public FDD filings and SBA 7(a) loan disclosures (FOIA). This information is provided for research purposes only and does not constitute financial, legal, or investment advice. Verify all figures with the franchisor's current Franchise Disclosure Document before making any investment decision.