Earl of SandwichFranchise Cost, Revenue & Review 2026
Data from FDD filing + SBA 7(a) records
FranchiseVerdict summary · 2026
A Earl of Sandwich franchise requires a total initial investment of $308K – $584K, including a $25K franchise fee and an ongoing 6.0% royalty[2]. The 2025 FDD does not disclose unit-level revenue (no Item 19). Verdict grade: D. Run a live ROI scan →
Data last verified June 18, 2026 · figures per the 2025 FDD issuance
Overview
- Investment
- $308K – $584K
- 19th pct Service Resta…
- Avg gross sales
- N/A
- 28th pct Service Resta…
- Royalty
- 6.0%
- 26th pct Service Resta…
- Units
- 31
- 32nd pct Service Resta…
- SBA default
- 0.0%
- system-wide median varies by category
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
The system contracted 10% year-over-year. Investigate why units are closing.
Bottom line
- Total investment $308K – $584K including a $25K franchise fee, 6.0% ongoing royalty.
- No Item 19 financial performance data disclosed. The franchisor chose not to publish revenue figures.
- Verdict D (Below Average) with a risk score of 73/100.
- Bankruptcy history disclosed in the FDD. Review Item 4 for details before proceeding.
Item 1 · who you're contracting with
The Franchisor
- Legal entity
- Earl of Sandwich (USA), LLC
- Incorporated in
- FL
- HQ
- 4700 Millenia Boulevard, Suite #400, Orlando, Florida 32839
- Auditor
- Purvis Gray
- Audited financials
- Franchisor revenue
- $20.6M
- vs $34.9M prior year
Overview
About
Franchisees operate fast-casual sandwich/quick-service restaurants featuring the Earl of Sandwich menu concept (likely gourmet sandwiches and related items). Day-to-day responsibilities include food preparation, inventory management, staff scheduling, point-of-sale operations, customer service, and local marketing within a protected territory.
- CEO
- Thomas Avallone
- Headquarters
- FL
- Founded
- 2004
- FDD year
- 2025
- States available
- 12
FDD Item 7 · 2025 filing · 13 line items
Initial investment breakdown
| Line item | Low | High | |
|---|---|---|---|
| Deposit Fee | $0 | $3K | |
| Initial Franchise Feenot refundable | $25K | $25K | |
| Grand Opening Required Spending | $3K | $8K | |
| Leasehold Costs and Building and Site Improvements | $160K | $400K | |
| Furnishings, Fixtures and Equipment | $75K | $105K | |
| Signage | $3K | $20K | |
| Point of Sale System | $3K | $6K | |
| Technology | $1K | $4K | |
| Graphic Items | $3K | $9K | |
| Professional Fees | $1K | $4K | |
| Initial Manager Training | $4K | $6K | |
| Pre-Opening Costs | $15K | $40K | |
| Additional Funds - 3 months | $10K | $15K | |
| Total initial investment | $303K | $644K |
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.
Item 7 · what it costs to open + operate
The Vitals
- Total investment
- $308K – $584K
- Better than avg vs category
- Liquid capital req'd
- $10K – $15K
- Better than avg vs category
- Franchise fee
- $25K – $25K
- Better than avg vs category
- Royalty
- 6.0%
- percentage_of_gross · typical 6–8%
- Ad fund
- 2.0%
- typical 3–5%
- Total fee load
- 8.0%
- vs 9–13% typical
Ongoing fees · Item 6
| Fee | Amount |
|---|---|
| Royalty | 6.0% of gross sales |
| Marketing / ad fund | 2.0% of gross sales |
| Technology fee | $0 |
| Transfer fee | $10K |
| Renewal fee | $5K |
| Total fee load | 8.0% of rev |
Financial Performance
This franchisor did not disclose financial performance representations in Item 19, or our extractor could not parse them.
vs Full-Service Restaurants averages
How Earl of Sandwich Compares
Unit growth
Item 20 · unit dynamics
The Growth Chart
- Total units
- 31
- Opened
- 0
- Last reporting year
- Closed
- 3
- Turnover rate
- 9.7%
- Company-owned
- 5
- Corporate units in the system
- % franchised
- 84%
- vs corporate-owned
- Net growth (yr3)
- -10.3%
- Net unit change last year
- 3-yr CAGR
- +0.0%
- Compounded over last 3 years
3-year detail · Item 20
- Closed (3yr)
- 2
- Terminated (3yr)
- 0
- Non-renewed (3yr)
- 0
- Transfers (3yr)
- 0
- Reacquired (3yr)
- 0
- Franchisor bought back
- Continuity rate
- 89.7%
- Units that stayed open
- Ceased ops
- 0.2%
- Units that stopped operating
Year-over-year franchised unit counts and net change. Source: FDD Item 20.
Item 20 · 11 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.
Available to sell in · Item 12
- California
States where the franchisor is registered to sell new franchises (FDD registration filings).
SBA loan performance
Government records
SBA Loan Data
Aggregated from SBA loan disclosures. This brand has only 6 7(a) loans on file; statistical reliability is limited below 10 loans.
- Total loans
- 6
- Loan volume
- $2.6M
- Median loan
- $326K
- 50th percentile
- Charge-off rate
- 0.0%
- rates vary by category · see methodology
Historical SBA 7(a) lending data, not predictive of future performance. How SBA charge-off rates are calculated
- Repayment rate (PIF)
- 100.0%
- 5-yr charge-off
- N/A
- Loans approved 2021+
- Active lenders
- 5
- Defaults
- 0
Explore lender portfolios on Bank Reports or regional data on State Reports.
Premium insight
SBA Lending Report
Deep-dive into Earl of Sandwich's SBA lending history: lender network, geographic footprint, interest rates, and more.
SBA Lending Report
- Principal loss rate and NAICS industry benchmark
- 5 lenders with concentration factor
- Per-state charge-off rates across 2 states
- Startup risk premium and job creation velocity
- 2-year lending trend
Instant access. No subscription.
Risk analysis
FranchiseVerdict rating + FDD Items 3, 5, 6, 12, 17
Risk & Legal
Earl of Sandwich presents HIGH RISK due to contracting unit count (-10.3% YoY), undisclosed financials, unconfirmed going concern status, and substantial capital requirements without earnings transparency.
Litigation (Item 3)
0 case reference(s): 0 pending, 0 settled.
Largest disclosed settlement: $25,000
Bankruptcy (Item 4)
Disclosed in last 7 years
Bankruptcy Code on April 24, 2025. Our President and Treasurer, Thomas Avallone, serves as President for Bertucci’s and our General Counsel and Secretary, Jeffrey Sirolly, serves as Secretary for Bertucci’s. In re PB Restaurants, LLC, Case No. 6:25-bk-01957 (Bankr. M.D. Fla.). Our affiliate, PB Rest
Audited financials (Item 21)
Yes · Purvis Gray
Franchisor revenue (Item 21)
Franchisor entity revenue (not unit-level)
Supplier relationship · Items 8 & 16
- Franchisor sells you products: No
- Must buy proprietary products: Yes
- Restricted to system-approved products: No
Score breakdown · what drove the 73 / 100 rating
- 01MINORSystem contracted 10.3% YoY (31 units total) — indicates declining brand momentum and franchisee struggles
- 02HIGHGoing Concern status is FALSE — franchisor may lack financial stability or operational viability
- 03MINORNo Item 19 financial disclosure — cannot validate revenue/profitability claims; prospective franchisees have zero earnings benchmarks
- 04MINORHigh investment range ($307.5K–$584K) paired with declining unit count suggests poor unit economics or market saturation
- 05MED6% royalty on undisclosed average revenue creates opacity; cannot calculate true ROI or break-even timeline
- 06MINORSmall franchise system (31 units) limits peer support network and economies of scale for supply chain
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 | 10 years |
| Allowed renewalsℹ | 1 |
| Territory type | Radius |
| Protected territory | Yes |
| Online sales rights | Restricted |
| Franchisor can compete | Yes |
| Hire a manager? | Allowed |
| Owner-operator | Optional |
| Non-compete (years)ℹ | 1 year |
| Right of first refusalℹ | Yes |
| Termination notice | 30 days |
| Termination groundsℹ | 4 |
| Curable defaultsℹ | 8 |
| Mandatory arbitration | Yes |
| Jury trial waiver | Yes |
| Governing law | Florida |
| Litigation count | 0 |
View Item 3 litigation summary
0 case reference(s): 0 pending, 0 settled.
Items 10, 11
Training & Operations
- Classroom training
- 11 hrs
- On-the-job training
- 61 hrs
- Training location
- On-site and corporate
- Franchisor financing
- Offered
- Item 10
- POS system
- Toast Point of Sale and Restaurant365
- Operating tech stack
Items 5 & 11
Franchisor Support
Technology: Toast Point of Sale and Restaurant365
Item 20 · call current owners
Franchisee Contacts
28 owners to call
Name · phone · city · state. Extracted from FDD Item 20
FDD download
Earl of Sandwich · FDD (2025) PDF
Frequently asked questions
Frequently Asked Questions
How much does it cost to open a Earl of Sandwich franchise?
The total investment to open a Earl of Sandwich franchise ranges from $308K – $584K, with an initial franchise fee of $25K. This includes real estate, equipment, inventory, and working capital as disclosed in their Franchise Disclosure Document (FDD).
What do Earl of Sandwich franchise owners earn?
Earl of Sandwich does not disclose average franchise owner earnings in their FDD Item 19. Not all franchisors are required to make financial performance representations. We recommend asking existing franchisees directly about their financial experience.
What is Earl of Sandwich's franchise failure rate?
SBA 7(a) loan charge-off data is not available for Earl of Sandwich (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 Earl of Sandwich franchise locations are there?
As of their most recent FDD filing, Earl of Sandwich has 31 total units in the United States, including 26 franchised units and 5 company-owned units.
Is Earl of Sandwich a good franchise to buy?
FranchiseVerdict rates Earl of Sandwich as a D-grade franchise with a risk score of 73 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.